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USDJPY TECHS: Bull Cycle Remains In Play

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 153.40 61.8% retracement of the Jul 3 - Sep 16 bear leg 
  • RES 3: 151.94 Low Jul 25  
  • RES 2: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 1: 149.55 High Oct 10
  • PRICE: 148.75 @ 16:10 BST Oct 10
  • SUP 1: 145.65 20-day EMA     
  • SUP 2: 141.65 Low Sep 30 
  • SUP 3: 140.45 Low Sep 18  
  • SUP 4: 139.58 Low Sep 16 and the bear trigger   

USDJPY rallied further Tuesday to trade at new highs and a bull cycle remains in play. Recent gains resulted in a break of the 50-day EMA, a bullish development that undermines a recent bearish theme and highlights a stronger reversal. Sights are on 150.76, the 50% retracement for the Jul 3 - Sep 16 bear leg. Initial firm support is 145.65, the 20-day EMA. Clearance of this level would signal a reversal. 

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  • RES 4: 153.40 61.8% retracement of the Jul 3 - Sep 16 bear leg 
  • RES 3: 151.94 Low Jul 25  
  • RES 2: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 1: 149.55 High Oct 10
  • PRICE: 148.75 @ 16:10 BST Oct 10
  • SUP 1: 145.65 20-day EMA     
  • SUP 2: 141.65 Low Sep 30 
  • SUP 3: 140.45 Low Sep 18  
  • SUP 4: 139.58 Low Sep 16 and the bear trigger   

USDJPY rallied further Tuesday to trade at new highs and a bull cycle remains in play. Recent gains resulted in a break of the 50-day EMA, a bullish development that undermines a recent bearish theme and highlights a stronger reversal. Sights are on 150.76, the 50% retracement for the Jul 3 - Sep 16 bear leg. Initial firm support is 145.65, the 20-day EMA. Clearance of this level would signal a reversal.