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Corrective Pullback Extends

  • RES 4: 112.23 High Feb 20, 2020 and a key resistance
  • RES 3: 111.71/111.98 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 2: 111.66 High Jul 2
  • RES 1: 111.19 High Jul 5
  • PRICE: 110.38 @ 06:27 BST Jul 8
  • SUP 1: 110.21 Low Jun 22
  • SUP 2: 109.88/72 50-day EMA / Low Jun 21
  • SUP 3: 109.19 Low Jun 7
  • SUP 4: 108.56 Low May 25

USDJPY continues to pull away from last week's high of 111.66. The current bear leg is considered corrective and bullish trend conditions dominate. This follows the recent breach of 111.12, Jun 24 high and a recent bull trigger. The move higher reinforces the bull trend and the positive price sequence of higher highs and higher lows. A resumption of gains would open 111.98, the 1.0% 10-dma envelope. A deeper sell-off would expose support at 109.88.

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