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Downtrend Intact

USDJPY TECHS
  • RES 4: 135.11 High Mar 15
  • RES 3: 133.51 50-day EMA
  • RES 2: 133.00/133.02 High Mar 22 / 20-day EMA
  • RES 1: 131.76 High Mar 27
  • PRICE: 130.78 @ 18:26 BST Mar 28
  • SUP 1: 129.75/64 76.4% of the Jan 16 - Mar 8 rally / Mar 27 low
  • SUP 2: 129.12 High Feb 2
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The trend direction in USDJPY is unchanged and remains down. The pair traded lower Friday, reinforcing current bearish conditions. The move down maintains the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 133.02 where a break is required to ease bearish pressure.

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

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