USDJPY H4: Bullish outlook seen, further upside above 137.80

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On the H4 time frame, prices are facing bullish pressure from the support zone at 134.00 and a break above the upside confirmation level at 137.80 could provide the bullish acceleration to the resistance zone at 145.30. The upside confirmation level at 137.80 coincides with the 23.6% Fibonacci retracement level. Prices are holding above the 50EMA and Ichimoku cloud as well, supporting the bullish bias.

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