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USDJPY TECHS: Fresh Cycle Highs

USDJPY TECHS
  • RES 4: 163.36 2.00 proj of the May 3 - 14 - 16 price swing
  • RES 3: 163.00 2.0% 10-dma envelope
  • RES 2: 162.21 1.764 proj of the May 3 - 14 - 16 price swing
  • RES 1: 161.74 Intraday high
  • PRICE: 161.71 @ 06:57 BST Jul 2
  • SUP 1: 159.62/158.82 Low Jun 26 / 20-day EMA
  • SUP 2: 157.22 Trendline support drawn from Dec 28 low
  • SUP 3: 156.85 /154.55 50-day EMA / Low Jun 4
  • SUP 4: 153.60 Low May 16

The trend in USDJPY remains bullish and the pair traded higher Monday. Last week’s climb resulted in a breach of key resistance at 160.17, the Apr 29 high. The break confirmed a resumption of the primary uptrend. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, a Fibonacci projection. Initial key support to watch is unchanged at the EMA. The average lies at 158.82.

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