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Trading Higher

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 134.22 Intraday high
  • PRICE: 134.04 @ 06:41 BST Apr 17
  • SUP 1: 132.80 20-day EMA
  • 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 traded higher Friday and the pair has started this week’s session on a firmer note. Resistance at 134.05, the Apr 12 high has been pierced. This signals potential for a continuation higher and opens 134.75, a Fibonacci retracement point. The current bull cycle does appear to be a correction. However, a break of support at 132.02, the Apr 13 low, is required to signal a bearish reversal.

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