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Corrective Cycle Extends

USDJPY TECHS
  • RES 4: 111.71 High Mar 24
  • RES 3: 111.30 High Mar 26, 2020
  • RES 2: 110.55/97 High Apr 6 / High Mar 31 and the bull trigger
  • RES 1: 109.94 High Apr 7
  • PRICE: 109.20 @ 13:22 GMT Apr 8
  • SUP 1: 109.13 Low Mar 26
  • SUP 2: 108.41 Low Mar 23 and key support
  • SUP 3: 107.81 50-day EMA
  • SUP 4: 106.97 Low Mar 4

USDJPY is under pressure and trading lower as the recent pullback from the Mar 31 high extends. The pair has traded through support highlighted by the 20-day EMA at 109.36. The break lower suggests scope for a deeper pullback with attention turning to the 109.13, Mar 26 low ahead of 108.41, Mar 23 low. The current pullback is allowing an overbought trend condition to unwind. Initial resistance 109.94, Apr 7 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
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