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Recovery From Trendline Support Extends

USDJPY TECHS
  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.96 High Apr 9
  • RES 1: 109.64 61.8% retracement of the Mar 31 - Apr 23 sell-off
  • PRICE: 109.59 @ 06:16 BST May 3
  • SUP 1: 108.44 Low Apr 29
  • SUP 2: 107.48 Low Apr 23 and the bear trigger
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY is firmer again today and the outlook remains bullish. The pair recently traded below trendline support drawn off the Jan 6 low however last week's recovery means the trendline remains intact and a key support has been defined at 107.48, Apr 23 low. Further gains are likely and attention is on 109.64, a retracement and 109.96, Apr 9 high. Initial support lies at 108.44, Apr 29 low. Bullish!

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