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Holding On To Its Recent Gains

USDJPY TECHS
  • RES 4: 136.99 High Mar 10
  • RES 3: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 2: 135.11 High Mar 15
  • RES 1: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • PRICE: 134.35 @ 06:34 BST Apr 19
  • SUP 1: 133.07 20-day EMA
  • SUP 2: 132.02 Low Apr 13
  • SUP 3: 131.53 Low Feb 2
  • SUP 4: 130.64 Low Apr 5 and a key support

The current short-term uptrend in USDJPY remains intact and the pair is trading at its recent highs. Resistance at 134.05, the Apr 12 high has been cleared. This signals potential for a continuation higher and attention is on 134.75, a key Fibonacci retracement point. Note that the current bull cycle does appear to be a correction. However, a break of support at 132.02, the Apr 13 low, is required to signal a reversal.

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