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Fresh Cycle High

USDJPY TECHS
  • RES 4: 140.00 Psychological round number
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 138.00 Round number resistance
  • RES 1: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • PRICE: 137.04 @ 06:40 BST Jul 11
  • SUP 1: 135.92/134.27 Intraday low / Low Jun 23
  • SUP 2: 132.90 Bull channel base from the Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

USDJPY has traded higher today and breached resistance at 137.00, the Jun 29 high. The break higher confirms a resumption of the primary uptrend and signals scope for an extension. The fresh cycle high also highlights the fact that corrections remain shallow, reinforcing underlying bullish conditions. The focus is on 137.30 and 138.56, Fibonacci projections. Firm short-term support lies at 134.27, the Jun 23 low.

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