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May 02

TECHNICAL ANALYSIS BY NSFX 02.05.2015

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High:  Low: 

The rate made a multiple bottom in area 118.4 and then rose above both the 21SMA and the 55EMA. If UsdJpy will rise above its short term supply line that links lower highs generated last March is very likely a test of 121.85, the 2015 high. Above this level the rate can reach 125.  Below 118.4  many long positions will be closed and the 200SMA, now at 116.33 would be the first relevant support. Just below it there is a double bottom that formed a static support at 115.8.

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