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USD/JPY Technical Price Analysis: Bulls Look for a Breakout Over Hourly Resistance

USD/JPY Technical Price Analysis: Bulls Look for a Breakout Over Hourly Resistance

USD/JPY corrected significantly from the 138.10 hourly resistance during late European and US trading sessions. The pair dropped to a daily low of 137.40 before rebounding from the SMA 200 support as bulls were able to gain control and buying stimulus increased.

The price met the Fibo 68.2 retracement level post which it corrected to regain momentum towards the 138.00 levels. This reinforced the continuation of a bullish trend as the drop could be considered a minor correction to eliminate overbought RSI conditions. Looking from the hourly chart above there is strong support at the 134.40 level where the 200-day moving average is, on the flipside the bulls would like to clear the 138.10 level first which is significant as the prior sell off was from that resistance.

Post 138.10 levels bulls would look to capture the 138.60 level before eying previous weeks high of 139.40


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