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A new lower low may trigger more declines. On the contrary, taking out the median line (ml) and the 151.94 validates an upside continuation.
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The 151.90 and 151.94 represent static resistance levels. Still, the bias remains bullish as long as it stays above the 151.00 psychological level and the R2 of 150.89.
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Technically, the USD/JPY price jumped above the ascending pitchfork’s median line (ml) but failed again to stay above this dynamic resistance, signaling buyers’ exhaustion.
Today, the Canadian Retail Sales and Core Retail Sales came in better than expected and could help the greenback continue its appreciation despite minor drops.
USD/JPY Price Technical Analysis: Strong Bullish Pressure
The USD/JPY price changed slightly on Friday, wobbling near the 151.00 handle at the time of writing. The bias remains bullish, with a higher probability of continued growth. However, the prices may experience a correction amid profit-taking.
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