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Trend Direction Remains Up

USDJPY TECHS
  • RES 4: 137.38 High Mar 9
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 1: 135.13 High Apr 19
  • PRICE: 134.41 @ 15:55 BST Apr 24
  • SUP 1: 133.40 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

The USDJPY trend needle still points north. Resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, was breached last week. This has strengthened the current bull cycle and signals scope for a continuation higher towards 135.96 next, the 76.4% retracement point. Initial firm support lies at 133.40, the 20-day EMA. Key short-term support is at 132.02, Apr 13 low. A break would be bearish.

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