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Tokyo Returns, The BoJ May Be Tested Again


J.P.Morgan Recommend Long USD/JPY

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AUSSIE TECHS: Rally Keeps Pressure Off Key Support Area
*RES 4: $0.7859 76.4% Fibo of $0.7917-$0.7672
*RES 3: $0.7823 61.8% Fibo of $0.7917-$0.7672
*RES 2: $0.7786/94 Intraday high, 50% of $0.7917-$0.7672
*RES 1: $0.7765/75 Hourly resistance
*PRICE: $0.7746 @0938GMT 
*SUP 1: $0.7700/15 Hourly support
*SUP 2: $0.7672 Mar 21 low
*SUP 3: $0.7643/52 6 week bear channel, 76.4% $0.7502-$0.8136 
*SUP 4: $0.7628/34 Dec 14 low, 2% volatility band
*COMMENTARY* The fall reached $0.7672 on Wednesday before finding some support
and the strength to rally. This prevented a test into the key support from
around $0.7650. The subsequent rise to a high of $0.7786 so far today, currently
looks 5 wave impulsive, so provided any setbacks are held above $0.7715-$0.7700,
there may be scope to increase gains into the $0.7823-$0.7859 area. Below
$0.7700 will disappoint and suggest rise has been a false dawn.

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