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Approaching Key Resistance At 125.09

USDJPY TECHS
  • RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 3: 125.86 High Jun 5 2015 and a major resistance
  • RES 2: 125.28 High Aug 12 2015
  • RES 1: 125.09 High Apr 8 / High Mar 28 and the bull trigger
  • PRICE: 124.96 @ 06:35 BST Apr 11
  • SUP 1: 123.47 Low Apr 6 and 7
  • SUP 2: 122.38 Low Apr 5
  • SUP 3: 121.28 Low Mar 31 and a bear trigger
  • SUP 4: 120.00 Round number support

USDJPY has started the week on a firmer note and is testing 125.00. Key resistance is 125.09, the Mar 28 high where a break would confirm a resumption of the primary uptrend. This would open 125.28 initially. The Aug 12, 2015 high. A corrective cycle is potentially still in play however, despite recent gains. 121.28 represents a key support. A break would allow for an extension lower and open 120.95, Mar 24 low ahead of the 120.00 handle.

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