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Bear Cycle Extends

USDJPY TECHS
  • RES 4: 136.99 High Mar 10
  • RES 3: 135.11 High Mar 15
  • RES 2: 133.00/133.43 High Mar 22 / 20-day EMA
  • RES 1: 131.66 High Mar 23
  • PRICE: 129.89 @ 10:24 GMT Mar 24
  • SUP 1: 129.75/64 76.4% of the Jan 16 - Mar 8 rally / Intraday low
  • SUP 2: 129.12 High Feb 2
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The USDJPY downtrend remains intact and the pair has traded lower again today, reinforcing current conditions. The continuation lower maintains the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 133.43 where a break is required to ease bearish pressure.

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