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USDJPY Resumes Its Uptrend And Approaches Key Resistance

  • USDJPY has resumed its uptrend today.
  • This week’s important technical break was the move through resistance at 118.60/66, the Jan 3 ‘17 and Dec 15 ‘16 highs. This strengthened current bullish conditions.
  • The pair is approaching the psychological 120.00 handle. Initial support is at 118.18, the Mar 16 low.
  • Note too that the USD is also approaching the top of a bull channel drawn from the Jun 1 2021 high - an important chart point and resistance.

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