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Correction Extends

  • RES 4: 112.23 High Feb 20, 2020
  • RES 3: 111.71 High Mar 24
  • RES 2: 111.30 High Mar 26, 2020
  • RES 1: 110.97 High Mar 31 and the bull trigger
  • PRICE: 109.78 @ 06:22 GMT Apr 7
  • SUP 1: 109.31 20-day EMA
  • SUP 2: 109.13 Low Mar 26
  • SUP 3: 108.41 Low Mar 23 and key support
  • SUP 4: 107.73 50-day EMA

USDJPY has pulled back from recent highs as the pair corrects lower and begins to unwind its overbought condition. Attention turns to the next support area of 109.31, the 20-day EMA. A break of this average would expose 109.00 and potentially below. From a trend perspective, the outlook remains bullish. The trigger for a resumption of the trend is 110.97, Mar 31 high. A break would open 111.30 next, Mar 26, 2020 high.

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