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Still Climbing

USDJPY TECHS
  • RES 4: 139.39 High Jul 14 and key resistance
  • RES 3: 138.88 High Jul 21
  • RES 2: 137.96 High Jul 22
  • RES 1: 137.44 Intraday high
  • PRICE: 137.22@ 06:26 BST Aug 22
  • SUP 1: 135.72 Low Aug 19
  • SUP 2: 134.84/23 20- and 50-day EMA
  • SUP 3: 132.56/31.74 Low Aug 15 / Low Aug 11
  • SUP 4: 130.41/130.00 Low Aug 2 / Round number support

USDJPY extended its bull run Friday and ended the week on a firm note. The pair has traded above resistance at 135.58, Aug 8 high. This strengthens a short-term bullish condition and note that 137.27, 76.4% of the Jul 14 - Aug 2 downleg, has been pierced. A breach of this level would signal scope for a continuation higher. On the downside, initial firm support is seen at the 50-day EMA which intersects at 134.23.

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