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Still Defying Gravity

USDJPY TECHS
  • RES 4: 130.43 High Apr 24 2002
  • RES 3: 130.00 Psychological round number
  • RES 2: 129.44 0.764 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 128.77 High Apr 19
  • PRICE: 128.69 @ 15:43 BST Apr 19
  • SUP 1: 126.98 Intraday low
  • SUP 2: 125.87 Low Apr 15
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 123.58 20-day EMA

USDJPY continues to defy gravity and maintains this week’s extension of its current uptrend, trading to a fresh cycle high above 128.00. The break higher reinforces underlying bullish conditions and signals potential for a continuation of the bull cycle towards 129.44 next, a Fibonacci projection, and the psychological 130.00 handle. The trend condition is overbought, however despite this, sentiment remains firmly in the bull camp. Support is at 125.09.

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