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USDJPY TECHS: Hits Reverse

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger         
  • RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
  • RES 2: 157.99 High May 1  
  • RES 1: 157.71 High May 29 and a key resistance
  • PRICE: 155.78 @ 16:26 BST Jun 12
  • SUP 1: 155.01/55 50-day EMA / Low Jun 4
  • SUP 2: 154.53 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3 and a pivot level
  • SUP 4: 150.81 Low Apr 5

USDJPY slipped sharply Wednesday on the back of the softer-than-expected US CPI print, bringing the pair closer to support at the 50-day EMA. Whether the pullback is a corrective phase in the current bull trend depends on spot holding above the pre-NFP low at 155.12. 154.53, marking the trendline drawn from the Dec 28 low, remains in place for now. A clear break of this zone would highlight a bearish reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.    

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