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Bull Flag

USDJPY TECHS
  • RES 4: 153.39 1.382 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 153.00 Round number resistance
  • RES 2: 152.66 1.236 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 151.97 High Mar 27
  • PRICE: 151.82 @ 16:35 GMT Apr 8
  • SUP 1: 150.83/149.71 20- and 50-day EMA values
  • SUP 2: 147.44 Low Mar 14
  • SUP 3: 146.49 Low Mar 08 / 11 and key support
  • SUP 4: 145.90 Low Feb 1

Bullish conditions in USDJPY remain intact and the recent move lower appears to have been a shallow correction. A flag formation on the daily chart - a bullish pattern, reinforces the uptrend and note that MA studies are in a bull-mode position too. A clear break of the major 151.91/95 hurdle, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively, would resume the uptrend and open 152.66, a Fibonacci projection. Support is 150.83, the 20-day EMA.

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