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Approaches The Psychological 125.00 handle

USDJPY TECHS
  • RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 3: 125.86 125.86 High Jun 5 2015 and a major resistance
  • RES 2: 125.28 High Aug 12 2015
  • RES 1: 125.00 psychological round number
  • PRICE: 124.52 @ 09:54 GMT Mar 28
  • SUP 1: 121.97 Intraday low
  • SUP 2: 120.95/120.00 Low Mar 24 / Round number support
  • SUP 3: 119.04 Low Mar 21
  • SUP 4: 118.55 20-day EMA

USDJPY has started the week on a firm note and bulls have not looked back as today’s impulsive rally extends. The pair is through the 124.00 handle and in the process has also cleared a number of short-term resistance levels. Current momentum suggests the USD still has the potential to extend this bull cycle, although it is worth noting that the pair is extremely overbought on the daily frequency. The focus is on the 125.00 psychological handle. Last Thursday’s low of 120.95 is seen as a firm near-term support.

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