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Cracks A Key Resistance Zone

USDJPY TECHS
  • RES 4: 140.42 Bull channel top drawn from the Jan 16 low
  • RES 3: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 2: 139.00 Round number resistance
  • RES 1: 138.42 Intraday high
  • PRICE: 138.35 @ 14:57 BST May 19
  • SUP 1: 136.31 Low May 17
  • SUP 2: 135.22/134.40 20- and 50-day EMA values
  • SUP 3: 133.50 Low May 4
  • SUP 4: 133.02 Low Apr 26 and a key near-term support

USDJPY maintains a bullish tone and today’s extension has resulted in the break of a key resistance between 137.77-91, the May 2 and Mar 8 high respectively. The break strengthens bullish conditions and confirms a resumption of the uptrend that started on Jan 16. The focus is on 139.00 and 139.59, a Fibonacci retracement. On the downside, initial firm support is seen at 135.22, the 20-day EMA. Key support is far off at 133.50, the May 4 low.

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