MNI China Daily Summary: Thursday, April 11

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Finding Support At The Day Low - For Now

USDJPY TECHS
  • RES 4: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 2: 145.90 Intraday high
  • RES 1: 143.30 50.0% retracement of today’s range
  • PRICE: 142.19 @ 09:58 BST Sep 22
  • SUP 1: 141.68 20-day EMA
  • SUP 2: 140.70 Intraday low
  • SUP 3: 139.87 Low Sep 2
  • SUP 4: 138.72 50-day EMA

USDJPY has staged a sharp reversal following today’s BOJ intervention. The pullback has resulted in a print below 141.68, the 20-day EMA. The trend structure remains bullish and it is too early to tell whether today’s price action is the start of a more meaningful reversal. A daily close below the 20-day EMA and below 140.00 would strengthen a bearish threat. A resumption of gains however, would refocus attention on the 145.00 handle and beyond.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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