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Trend Direction Remains Up

USDJPY TECHS
  • RES 4: 148.85 High Oct 31 2022
  • RES 3: 148.60 2.236 projection of the Jul 14 - 21 - 28 price swing
  • RES 2: 148.40 High Nov 4 2022
  • RES 1: 147.87 High Sep 7 / 8
  • PRICE: 146.75 @ 06:15 BST Sep 12
  • SUP 1: 145.91/07 Low Sep 11 / High Jun 30
  • SUP 2: 144.45 Low Sep 1 and key support
  • SUP 3: 144.17 50-day EMA
  • SUP 4: 142.41 Low Aug 8

The USDJPY trend condition remains bullish and the latest pullback is considered corrective. Resistance at 147.37, the Aug 29 high and a bull trigger, was breached last week. This confirms a resumption of the uptrend and opens 148.40 next, the Nov 4 2022 high. On the downside, 144.45 represents the key short-term support, the Sep 1 low. A break of this level is required to highlight a short-term top.

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