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USDJPY Channel Top Remains Intact - For Now

  • The trend condition in USDJPY remains bullish.
  • The pair continues to trade just ahead of key resistance at the top of a bull channel drawn from the Jan 16 low.
  • A clear break of this channel top would reinforce a bullish theme and open 141.61, the Nov 23 2022 high.
  • For bears, a stronger reversal lower would highlight a potential top plus signal scope for a deeper pullback.
  • The first key support to watch is the 20-day EMA, currently at 138.61.

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