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Trades Through The 20-Day EMA

USDJPY TECHS
  • RES 4: 160.17/20 High Apr 29 / High Apr 1990
  • RES 3: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 157.99/158.44 Intraday high / HIgh Apr 26
  • PRICE: 155.75 @ 05:53 BST May 2
  • SUP 1: 153.04 Intraday low
  • SUP 2: 152.39 50-day EMA
  • SUP 3: 151.05 Trendline support drawn from the Dec 28 low
  • SUP 4: 150.81 Low Apr 5

The USDJPY trend condition remains bullish. However, this week’s volatile session highlights the start of a possible corrective cycle and today’s sharp sell-off reinforces this theme. The pair has traded through support at the 20-day EMA - at 154.58 - exposing the 50-day EMA at 152.39, a key support. Note that trendline support drawn from the Dec 28 low, lies at 151.05. Initial resistance to watch is 157.99, today’s intraday high so far.

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