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Corrective Cycle Still In Play

USDJPY TECHS
  • RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 3: 125.86 High Jun 5 2015 and a major resistance
  • RES 2: 125.28 High Aug 12 2015
  • RES 1: 123.20/125.09 High Mar 30 / High Mar 28 and the bull trigger
  • PRICE: 122.78 @ 17:40 BST Apr 4
  • SUP 1: 121.28 Low Mar 31
  • SUP 2: 120.95 Low Mar 24
  • SUP 3: 120.10/00 20-day EMA / Round number support
  • SUP 4: 119.44 Low Mar 22

USDJPY remains in a corrective cycle following last week’s pullback from 125.09, the Mar 28 high. Initial support to watch is at 121.28, the Mar 31 low. A break of this level would allow for an extension lower and open 120.95, the Mar 24 low ahead of the 120.00 handle. On the upside, initial resistance is seen at 123.20, the Mar 30 high with the bull trigger unchanged at 125.09. Clearance of 125.09 resumes the uptrend.

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