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Uptrend Extends

USDJPY TECHS
  • RES 4: 112.40 High Apr 24, 2019
  • RES 3: 112.23 High Feb 20, 2020 and a key resistance
  • RES 2: 111.71/73 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.63 High Jul 1
  • PRICE: 111.57 @ 16:14 BST Jul 1
  • SUP 1: 110.42/109.72 Low Jun 30 / Low June 21
  • SUP 2: 109.65/109.19 50-day EMA / Low Jun 7
  • SUP 3: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 4: 107.48 Low Apr 23 and the bear trigger

USDJPY bounced sharply Wednesday and built on gains Thursday. This sees the pair trade solidly above and resistance at 111.12, Jun 24 high and the near-term bull trigger. The recovery maintains the current bull trend and the positive price sequence of higher highs and higher lows. The focus is on 111.73, the 1.0% 10-dma envelope. Key trend support is at 109.72, Jun 21 low. A break would signal a top.

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