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Bulls Return

USDJPY TECHS
  • RES 4: 144.20 High Jul 7
  • RES 3: 143.22 76.4% retracement of the Jun 30 - Jul 14 downleg
  • RES 2: 142.98 Bull channel top drawn from the Jan 16 low
  • RES 1: 141.96 High Jul 21
  • PRICE: 141.90 @ 06:39 BST Jul 31
  • SUP 1: 140.70/138.07 Intraday low / Low Jul 28
  • SUP 2: 137.25 Low Jul 14 and key support
  • SUP 3: 136.31 Low May 17
  • SUP 4: 135.53 61.8% retracement of the Mar - Jun bull leg

A strong rally on Friday in USDJPY and today’s gains, cancels a recent bearish threat and instead has strengthened a short-term bullish condition. The pair is approaching a key short-term resistance at 141.96, the Jul 21 high. A break of this level would confirm a resumption of the bull cycle that started on Jul 14 and open 142.98, the top of a bull channel drawn from the Jan 26 low. First key support has been defined at 138.07, the Jul 28 low.

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