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Trend Conditions Remains Bullish

  • RES 4: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 3: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 136.04 1.382 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 135.59 High Jun 15
  • PRICE: 133.91 @ 06:40 BST Jun 17
  • SUP 1: 131.68/50 20-day EMA / Low Jun 16
  • SUP 2: 130.43 Low Jun Low Jun 6
  • SUP 3: 130.00 Round number support
  • SUP 4: 128.81 50-day EMA

The USDJPY uptrend remains intact and the recent sell-off is likely a correction. A print above 135.00 this week reinforces the bull trend and maintains the positive price sequence of higher highs and higher lows. Moving average studies also point north, reinforcing bullish conditions. The focus is on the 136.04, a Fibonacci projection. Initial firm support is seen at 131.68, the 20-day EMA and Thursday’s low of 131.50.

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