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Key Support Zone Remains Intact

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger
  • RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
  • RES 2: 157.99 High May 1
  • RES 1: 156.13/157.71 20-day EMA / High May 29
  • PRICE: 155.63 @ 06:50 BST Jun 5
  • SUP 1: 154.66/55 50-day EMA / Low Jun 4
  • SUP 2: 153.93 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3 and a pivot level
  • SUP 4: 150.81 Low Apr 5

The trend outlook in USDJPY remains bullish and the latest pullback appears to be a correction - for now. This week’s breach of support around the 20-day EMA, has exposed key support at 154.66, the 50-day EMA, and 153.93, a trendline drawn from the Dec 28 low. A clear break of this key zone would be bearish and highlight a stronger reversal. For bulls, a move above 157.71, the May 29 high, is required to resume a short-term uptrend.

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