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Clears The Bull Trigger And Key Resistance

USDJPY TECHS
  • RES 4: 118.60/66 High Jan 3 ‘17 / Dec 15 ‘16 and key resistance
  • RES 3: 118.19 High Jan 4 2017
  • RES 2: 117.53 High Jan 9 2017
  • RES 1: 116.92 1.618 proj of the Feb 24 - Mar 3 - 4 price swing
  • PRICE: 116.67 @ 06:43 GMT Mar 11
  • SUP 1: 116.10 Intraday low
  • SUP 2: 115.37 20-day EMA
  • SUP 3: 114.41 Low Feb 24
  • SUP 4: 114.16 Low Feb 02 and a bear trigger

USDJPY maintains this week’s firmer tone and is trading higher again today. Today’s key technical development is the break of resistance at 116.34/35, the Feb 10 / Jan 4 highs and a bull trigger. The break higher confirms a resumption of the broader uptrend that started early Jan 2021. Attention turns to highs dating back to Jan 2017 - 117.53, the next objective, is the Jan 9 2017 high. On the downside, firm support is seen at 115.37, the 20-day EMA.

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