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Resumes Its Primary Uptrend

USDJPY TECHS
  • RES 4: 128.15 High May 17 2002
  • RES 3: 126.71 3.50 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 2: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 1: 125.86 High Jun 5 2015 and a major resistance
  • PRICE: 125.40 @ 21:11 BST Apr 11
  • SUP 1: 123.47 Low Apr 6 and 7
  • SUP 2: 122.38 Low Apr 5
  • SUP 3: 121.28 Low Mar 31 and a bear trigger
  • SUP 4: 120.00 Round number support

USDJPY started the week on a firmer note and breached key near term resistance 125.09, the Mar 28 high. The break higher confirms the end of the recent corrective cycle and more importantly, confirms a resumption of the primary uptrend. This paves the way for strength towards 125.86 next, the Jun 5 2015 high and a major resistance. On the downside, key trend support has been defined at 121.28, the Mar 31 low.

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