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Approaching The 50-Day EMA

  • RES 4: 134.77 High Jan 6 and a key resistance
  • RES 3: 134.54 Low Dec 14
  • RES 2: 132.96 50-day EMA
  • RES 1: 132.90 High Feb 6
  • PRICE: 132.78 @ 16:45 GMT Feb 6
  • SUP 1: 130.34 20-day EMA
  • SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
  • SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 126.36 Low May 24 and a key support

USDJPY rallied Friday and the pair gapped higher again on Monday. Attention turns to resistance at 132.96, the 50-day EMA. Clearance of this level would highlight a stronger reversal and expose 134.77, the Jan 6 high. Gains are considered corrective - for now - and this is allowing an oversold condition to unwind. Firm support to watch lies at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low.

MNI London Bureau | +44 203-865-3809 |

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