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Corrective Pullback Extends

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 Intraday high / High Mar 28
  • PRICE: 121.94 @ 16:33 GMT Mar 30
  • SUP 1: 121.32 Low Mar 28
  • SUP 2: 120.95 Low Mar 24
  • SUP 3: 120.00 Round number support
  • SUP 4: 11942 20-day EMA

USDJPY is continuing to pull away from Monday’s high of 125.09 and has traded through initial support at 121.97, the Mar 28 low. The move is considered corrective and is beginning to allow a recent extreme overbought condition to unwind. An extension lower would open 120.95, the Mar 24 low ahead of the 120.00 handle. Key resistance and the bull trigger has been defined at 125.09.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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