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Downtrend Remains Intact

  • RES 4: 135.11 High Mar 15
  • RES 3: 133.59 50-day EMA
  • RES 2: 133.00/133.17 High Mar 22 / 20-day EMA
  • RES 1: 131.66 High Mar 23
  • PRICE: 130.74 @ 06:38 GMT Mar 27
  • SUP 1: 129.75/64 76.4% of the Jan 16 - Mar 8 rally / Intraday 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 current downtrend in USDJPY remains intact and the pair traded lower again Friday, reinforcing current 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 133.17 where a break is required to ease bearish pressure.

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