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USDJPY TECHS: Presses Higher Still

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger         
  • RES 3: 159.63 1.236 proj of the May 3 - 14 - 16 price swing
  • RES 2: 159.03 1.0% 10-dma envelope
  • RES 1: 158.80 High Jun 20
  • PRICE: 158.79 @ 17:27 BST Jun 20
  • SUP 1: 156.87 20-day EMA  
  • SUP 2: 155.54 50-day EMA 
  • SUP 3: 155.25 /154.55 Trendline drawn from Dec 28 low / Low Jun 4 
  • SUP 4: 153.60 Low May 16

The trend signal in USDJPY is unchanged, it remains bullish and the pair is trading at its recent highs.  An important resistance at 157.71, the May 29 high, has been breached. This confirms a resumption of the short-term bull cycle and note that price has also pierced 158.21, 76.4% of the Apr 29 - May 3 sell-off. A clear break of this price point would open 160.17, the Apr 29 high and a key resistance. Initial support is 156.74, the 20-day EMA.     

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