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Trades Through Bull Channel Resistance

USDJPY TECHS
  • RES 4: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 142.84 1.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 1: 142.25 High Nov 21 2022
  • PRICE: 141.55 @ 06:07 BST Jun 19
  • SUP 1: 139.16/138.45 20-day EMA / Low Jun 1
  • SUP 2: 137.43 Low May 19
  • SUP 3: 137.54 50-day EMA
  • SUP 4: 136.31 Low May 17

USDJPY rallied Friday and traded above 141.50, the top of a bull channel drawn from the Jan 16 high. The break reinforces bullish conditions and confirms a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. This opens 142.25 next, the Nov 21 2022 high. On the downside, support to watch is at 139.42, the 20-day EMA. A break is required to signal a short-term top.

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