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Pierces Support At The 50-Day EMA

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: 157.71 High May 29
  • PRICE: 154.89 @ 16:52 BST Jun 4
  • SUP 1: 154.65/57 50-day EMA/Low Jun 4
  • SUP 2: 153.81 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3
  • 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. However, the pair has breached the 20-day EMA and the continuation lower has exposed key support at 154.65, the 50-day EMA, and 153.81, a trendline drawn from the Dec 28 low. A clear break of this support zone would be bearish. For bulls, a move above 157.71, the May 29 high, is required to resume a short-term uptrend.

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