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Pullback Appears To Be A Correction

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: 157.44 @ 06:42 BST Jun 3
  • SUP 1: 156.28/154.60 20- and 50-day EMA values
  • SUP 2: 153.69 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 last Thursday’s pullback appears to have been a correction. Recently, price has traded above resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off. A continuation higher would open 157.99, the May 1 high. For bears, a stronger reversal would again refocus attention on key support at 154.60, the 50-day EMA, and 153.69, a trendline drawn from the Dec 28 low.

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