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Bearish Correction Likely To Extend

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: 123.20/125.09 High Mar 30 / High Mar 28 and the bull trigger
  • PRICE: 122.79 @ 16:28 GMT Apr 1
  • SUP 1: 121.28 Low Mar 31
  • SUP 2: 120.95 Low Mar 24
  • SUP 3: 120.00 Round number support
  • SUP 4: 119.84 20-day EMA

USDJPY remains in a corrective cycle following the pullback from Monday’s 125.09 trend high. Initial support has been established at 121.28, Thursday’s low. A break of this level would allow for an extension lower and this would open 120.95, the Mar 24 low ahead of the 120.00 handle. On the upside, initial resistance is seen at 123.20, the Mar 30 high with the bull trigger unchanged at 125.09.

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