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Fades Off Highs

USDJPY TECHS
  • RES 4: 138.17 High Dec 15 and a key resistance
  • RES 3: 137.37.38 2.0% 10-dma envelope
  • RES 2: 137.18 2.0% Upper Bollinger Band
  • RES 1: 136.92 High Feb 28
  • PRICE: 136.10 @ 16:27 GMT Feb 28
  • SUP 1: 134.06 Low Feb 24
  • SUP 2: 133.39 50-day EMA
  • SUP 3: 133.25 Trendline drawn from the Feb 2 Low
  • SUP 4: 131.52 Low Feb 14

USDJPY bulls remain in the driver’s seat despite the pair fading off highs into the Tuesday close. Price is through 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. The break of this level sets the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support top watch lies at 133.27, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.

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

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