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Consolidating At Trendline Support

  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.70/96 High May 3 / High Apr 9
  • RES 1: 109.29 High May 7
  • PRICE: 108.84 @ 06:28 BST May 12
  • SUP 1: 108.34/08 Low May 7 / Low Apr 27
  • SUP 2: 107.48 Low Apr 23 and the bear trigger
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY is consolidating. The pair traded lower last week and did penetrate trendline support at 108.44. The trendline is drawn off the Jan 6 low. Support though was found at 108.34, May 7 low and a clear breach of this level is required to negate the recent bullish theme. This would expose 107.48, Apr 23 low and a bear trigger. For bulls, a break of 109.70, May 3 high, would strengthen a bullish case and signal scope for a climb above 110.00.

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