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Corrective Pullback

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.35 High Jan 4 and the bull trigger
  • RES 1: 115.67/68 76.4% of the Jan 4 - 24 downleg / High Jan 28
  • PRICE: 114.34 @ 18:02 GMT Feb 2
  • SUP 1: 114.16/113.47 Low Feb 02 / Low Jan 24 and key support
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.53/112.22 Low Nov 30 / 2.0% 10-dma envelope

USDJPY has pulled back from its recent high but the outlook remains bullish despite this modest pullback. Last week’s gains resulted in a breach of former resistance at 115.06, the Jan 18 high. This has strengthened the recent reversal and signals scope for a climb towards 116.35, high Jan 4 and a key resistance. Key short-term support has been defined at 113.47, Jan 24 low. A break would be bearish.

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