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Fades Off Key Resistance

USDJPY TECHS
  • RES 4: 139.89 High Nov 30 2022
  • RES 3: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 2: 138.17 High Dec 15
  • RES 1: 137.91 High Mar 8 and key resistance
  • PRICE: 136.39 @ 16:31 BST May 2
  • SUP 1: 136.14 Low May 1
  • SUP 2: 135.13 High Apr 19 and a recent breakout level
  • SUP 3: 133.02 Low Apr 26 and a key near-term support
  • SUP 4: 132.02 Low Apr 13

USDJPY rallied sharply higher last Friday and Monday’s gains highlight a bullish start to the week. Friday’s rally resulted in a break of 135.13, the Apr 19 high, to confirm a resumption of the trend that started Mar 24. The pair has cleared a number of key short-term resistance points and this paves the way for a test of 137.91, the Mar 8 high and a key resistance. Initial support is seen at 136.14, Monday’s low.

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