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Bearish Extension

USDJPY TECHS
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 133.00/133.70 High Mar 22 / 20-day EMA
  • PRICE: 130.73 @ 16:12 GMT Mar 23
  • SUP 1: 130.42 Low Mar 23
  • SUP 2: 129.75 76.4% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The current downtrend in USDJPY remains intact and the pair is trading lower today, reinforcing current conditions. The fresh short-term trend low maintains the current bearish price sequence of lower lows and lower highs. This has exposed 129.75, the 76.4% retracement of the Jan 16 - Mar 8 rally. Firm resistance is seen at the 20-day EMA. The average intersects at 133.70 where a break is required to ease bearish pressure.

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