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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: 134.57 High Apr 17
  • PRICE: 134.46 @ 16:30 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 again on Monday to extend the recovery off last week’s lows. Resistance at 134.05, the Apr 12 high has been topped. 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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