USDJPY M30: Bullish outlook seen, further upside above 147.20

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On the M30 time frame, prices are testing the support zone at 147.20, in line with the 38.2% Fibonacci level where we could see further upside to the resistance zone at 147.80. The 147.80 resistance zone coincides with the graphical resistance, descending trend line and 78.6% Fibonacci retracement. Failure to hold above the support zone at 147.20 could see prices push lower to test the next support zone at 146.80.

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