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Corrective Cycle Extends

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 134.05 Intraday high
  • PRICE: 133.76 @ 06:31 BST Apr 12
  • SUP 1: 131.83/130.64 Low Apr 10 / 5
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

USDJPY is holding on to its recent gains. The latest recovery in price is considered corrective and the next key short-term resistance to watch is 134.75, a Fibonacci retracement. A break of this level would strengthen the current bull cycle. On the downside, a reversal lower would signal the end of the corrective phase and attention would turn to support at 130.64, the Apr 5 low.

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