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Bullish Trend Sequence

USDJPY TECHS
  • RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 3: 151.43 High Nov 16
  • RES 2: 150.78 High Nov 17
  • RES 1: 149.75 High Nov 22
  • PRICE: 149.44 @ 16:17 GMT Feb 12
  • SUP 1: 147.57/145.90 20-day EMA / Low Feb 1 and key support
  • SUP 2: 145.59 Low Jan 16
  • SUP 3: 144.36 Low Jan 12
  • SUP 4: 143.42 Low Jan 9

The USDJPY trend outlook is bullish following last week’s gains. Key resistance at 148.80, the Jan 19 high, has been cleared. This confirms a resumption of the uptrend that started late December and maintains the sequence of higher highs and higher lows. 149.16, 76.4% of the Nov 13 - Dec 28 bull leg, has also been breached. This opens 149.75 next, the Nov 22 high. Key short-term support is unchanged at 145.90, the Feb 1 low.

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