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Above 109.8 JPY the major trend remains bullish. 112.9 JPY and 113.68 JPY are in the line of sight. The breaking of 109.8 JPY would cancel this anticipation and favor a correction toward 109.03 JPY.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. Moreover, the relative strength indicator, the RSI, is not contradicting this hypothesis. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are more than the average volumes over the last 10 days.
Since the recent low at 110.07 JPY the cross has been in a phase of technical recovery towards its 50-day moving average located at 111.13: the price reaction on this level will allow us to envisage a continuation of the movement in the medium term. To alleviate this position, we could wait to test the short-term resistances located at 112.9 JPY and 113.68 JPY. The supports are at 109.8 JPY then at 109.03 JPY .