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Testing The Bull Trigger

USDJPY TECHS
  • RES 4: 137.38 High Mar 9
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 1: 135.13 High Apr 19 and the bull trigger
  • PRICE: 135.00 @ 06:59 BST Apr 28
  • SUP 1: 133.02 Low Apr 26 and a key near-term support
  • SUP 2: 132.02 Low Apr 13
  • SUP 3: 131.53 Low Feb 2
  • SUP 4: 130.64 Low Apr 5 and a key support

USDJPY has rallied sharply higher today. This cancels recent bearish threats and instead highlights a potential resumption of the uptrend that started Mar 24. The focus is on the bull trigger at 135.13, Apr 19 high. A break of this level would confirm a resumption of the trend and pave the way for gains towards 135.96, a Fibonacci retracement point. Key short-term support has been defined at 133.02, the Apr 26 low.

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