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Tests Bull Channel Resistance

USDJPY TECHS
  • RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 3: 142.25 High Nov 21 2022
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 141.45/50 Bull channel top from Jan 16 low / Intraday high
  • PRICE: 140.33@ 20:02 BST Jun 15
  • SUP 1: 139.04/138.45 20-day EMA / Low Jun 1
  • SUP 2: 137.43 Low May 19
  • SUP 3: 137.24 50-day EMA
  • SUP 4: 136.31 Low May 17

USDJPY traded higher Thursday but failed to hold on to its gains. The trend condition is bullish and attention remains on key resistance at the top of a bull channel drawn from the Jan 16 low, which intersects at 141.45. It has been tested, a clear break of this hurdle would be bullish and open 141.61 next, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top. Support to watch is at 139.04, the 20-day EMA.

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