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Flat on the Week

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: 128.41 @ 17:11 BST Apr 27
  • SUP 1: 126.95 Intraday low
  • SUP 2: 125.62 20-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY erased weakness posted earlier in the week into the Wednesday close, putting the pair flat as bulls pause for breath. This sideways activity also highlights the formation of a bull flag. The pattern reinforces bullish conditions with the uptrend still intact. Last week’s price gains marked an extension of the uptrend. The focus on 129.44 next, a Fibonacci projection. Sights are also on the important psychological 130.00 handle. A firm support is seen at 125.62, the 20-day EMA.

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

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