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Bull Flag Formation

USDJPY TECHS
  • RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
  • RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 2: 151.43 High Nov 16
  • RES 1: 150.89 High Feb 13
  • PRICE: 150.50 @ 06:46 GMT Feb 27
  • SUP 1: 149.41/148.01 20- and 50-day EMA values
  • SUP 2: 147.63 Low Feb 7
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.59 Low Jan 16

The USDJPY trend outlook remains bullish and price is trading closer to its recent highs. The latest pause appears to be a bull flag formation. A resumption of the trend would pave the way for a climb towards 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. On the downside, initial firm support lies at 149.41, the 20-day EMA. A break would signal scope for a correction towards 148.01, the 50-day EMA.

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