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Bull Trend Extends

USDJPY TECHS
  • RES 4: 120.00 Psychological round number
  • RES 3: 119.38 3.382 proj of the Feb 24 - Mar 3 - 4 price swing
  • RES 2: 119.18 3.236 proj of the Feb 24 - Mar 3 - 4 price swing
  • RES 1: 119.12 High Mar 16
  • PRICE: 118.76 @ 06:35 GMT Mar 17
  • SUP 1: 117.28/116.35 Low Mar 14 / High Jan 4
  • SUP 2: 116.29 20-day EMA
  • SUP 3: 115.34 50-day EMA
  • SUP 4: 115.48 Low Mar 4

USDJPY firmed further Wednesday. The pair has cleared the key resistance at 118.60/66, the Jan 3 ‘17 and Dec 15 ‘16 highs. This strengthens bullish conditions and reinforces the recent bullish break of resistance 116.34/35, the Feb 10 / Jan 4 highs, that confirmed a resumption of the primary uptrend. Market focus turns to 119.18 next - the 3.236 projection of the Feb 24 - Mar 3 - 4 price swing. Initial support is seen at 117.28, Monday’s low.

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