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Clean Break Of Resistance

USDJPY TECHS
  • RES 4: 112.57 2.0% 10-dma envelope
  • RES 3: 112.40 High Apr 24, 2019
  • RES 2: 112.23 High Feb 20, 2020
  • RES 1: 112.08 High Sep 30
  • PRICE: 111.51 @ 16:23 BST Sep 30
  • SUP 1: 110.80 High Aug 11
  • SUP 2: 110.07/109.11 50-day EMA / Low Aug 16 and Sep 15
  • SUP 3: 108.72 Low Aug 04 and the bear trigger
  • SUP 4: 108.56 Low May 25

USDJPY strengthened further Wednesday, reinforcing a firm bullish theme, although much of this strength reversed into the Thursday close. Nonetheless, Wednesday's rally confirmed a clean break of 111.66, Jul 2 high and bull trigger. This marks a resumption of the broader bull cycle that started Jan 6 and opens 112.23 next, Feb 20, 2020 high. Key short-term support is at 109.11, Aug 16 / Sep 15 low. Initial firm support is seen at 110.07, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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