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Clears Its Bull Channel Top And The 120.00 Handle

USDJPY TECHS
  • RES 4: 122.47 2.382 projection of the Dec 3 - Jan 4 - 24 price swing
  • RES 3: 121.69 High Jan 29 2016
  • RES 2: 121.04 High Feb 2 2016
  • RES 1: 121.03 High Mar 22
  • PRICE: 120.70 @ 17:02 GMT Mar 22
  • SUP 1: 119.04/ Low Mar 21 / 118.18 Low Mar 16
  • SUP 2: 117.28/117.02 Low Mar 14 / 20-day EMA
  • SUP 3: 116.35 High Jan 4
  • SUP 4: 115.88 50-day EMA

USDJPY remains in an uptrend and the pair resumed its push higher Tuesday. This has resulted in a break through the top of the bull channel, drawn from the Jun 1 2021 high. More importantly though, the USD has also cleared the psychological 120.00 handle. This confirms a resumption of the uptrend and strengthens bullish conditions. The focus shifts to 121.04 next, the Feb 2 2016 high. Support is seen at Monday’s 119.04 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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