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Retracing Recent Gains

  • 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: 109.79 High May 13
  • PRICE: 108.86 @ 20:01 BST May 18
  • SUP 1: 108.34 Low May 7 and key short-term support
  • 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 maintains a bullish outlook but is struggling to hold onto recent gains. The pair rallied last week from what is now a firm support at 108.34, May 7 low. This maintains the focus on 109.96, Apr 9 high with potential for a climb above 110.00 too. Note that the recovery last week also means trendline support drawn off the Jan 6 low remains intact. A break of 108.34 would however threaten the uptrend and also signal a break of the trendline.

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