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Support Remains Intact

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 High Jun 4
  • PRICE: 109.48 @ 06:30 BST Jun 7
  • 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. Despite the pullback, the pair remains above initial key short-term support 109.33, Jun 1 low and the outlook remains bullish. A recovery near-term and importantly a break of 110.33, Jun 4 high would resume the recent recovery and expose the year's high print of 110.97 from Mar 31. Weakness through 109.33 would instead expose 108.56, May 25 low.

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