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Still Bullish Despite Friday Weakness

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.33 Intraday high
  • PRICE: 109.47 @ 16:22 BST Jun 4
  • SUP 1: 109.33 Low Jun 1
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

USDJPY reversed the entirety of the Thursday gains into the Friday close as the greenback slid after a disappointing payrolls release. Key short-term support remains intact, however, at the Jun 1 low of 109.33, keeping the positive outlook for now. Friday's price action works against the resumption of the bull cycle that started Apr 23, but a recovery in the near-term opens the year's high print of 110.97 from Mar 31. A break of 110.97 would represent an important technical break and resume the broader USDJPY uptrend.

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