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Needle Still Points

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.20 High May 28
  • PRICE: 109.73 @ 06:29 BST Jun 3
  • SUP 1: 109.04 High May 27
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

The USDJPY outlook is unchanged and remains bullish. The move lower from last week's high is still considered corrective. The rally from the May 25 low confirmed a resumption of the bull cycle that started Apr 23. The pair probed 110.15, a Fibonacci retracement. This opens the year high print of 110.97 from Mar 31 where a break would resume the uptrend. Key S/T support is at 108.56, May 25 low. Moving average studies are in a bull mode.

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