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Testing Resistance

USDJPY TECHS
  • RES 4: 111.71 High Mar 24
  • RES 3: 111.66 High Jul 2 and a bull trigger
  • RES 2: 111.19 High Jul 5
  • RES 1: 110.80 High Aug 11, key resistance and intraday high
  • PRICE: 110.59 @ 06:34 BST Sep 27
  • SUP 1: 109.89/11 50-day EMA / Low Aug 16 / Sep 15
  • SUP 2: 108.72 Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY rallied last week and is holding onto recent gains. The pair has breached resistance at 110.45/46, the Sep 8 and Aug 9 high respectively and is testing firmer resistance at 110.80, Aug 11 high. A break of this hurdle would strengthen a bullish case and pave the way for a climb towards 111.66, the Jul 2 high and bull trigger. Key short-term support is unchanged at 109.11, Aug 16 / Sep 15. Initial support is at 109.89, the 50-day EMA.

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