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Trend Outlook Remains Bullish

USDJPY TECHS
  • RES 4: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 3: 130.43 High Apr 24 2002
  • RES 2: 130.00 Psychological round number
  • RES 1: 129.44 0.764 proj of the Feb 24 - Mar 28 - 31 price swing
  • PRICE: 128.47 @ 15:47 BST Apr 21
  • SUP 1: 127.46/26.98 Low Apr 20 / Low Apr 19
  • SUP 2: 125.87 Low Apr 15
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.44 20-day EMA

The USDJPY uptrend remains intact. The pair rallied initially Wednesday, extending the recent bullish cycle to touch 129.40. Short-term pullbacks - as seen on Wednesday - should prove corrective. Recent activity reinforces underlying bullish conditions and signals potential for a continuation of the bull cycle, with the focus on 129.44 next, a Fibonacci projection. Sights are also on the psychological 130.00 handle. A firm support is seen at 125.09.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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