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Fresh Trend High

USDJPY TECHS
  • RES 4: 140.57 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: 138.87 High May 18
  • PRICE: 138.48 @ 06:12 BST May 23
  • SUP 1: 137.29 Low May 18
  • SUP 2: 136.05/134.85 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 bullish conditions remain intact - a fresh trend high today reinforces current conditions. A key resistance zone between 137.77-91, the May 2 and Mar 8 high respectively, has recently been cleared, confirming a resumption of the uptrend that started on Jan 16. This opens 139.00 and 139.59, a Fibonacci retracement. Initial firm support is seen at 136.28, the 20-day EMA. Key support is far off at 133.50, the May 4 low.

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