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Finds Support Below The 50-Day EMA

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.87 High Feb 15
  • PRICE: 115.07 @ 16:42 GMT Feb 23
  • SUP 1: 114.50 Low Feb 22
  • SUP 2: 114.16 Low Feb 02
  • SUP 3: 113.47 Low Jan 24 and key support
  • SUP 4: 113.14 Low Dec 17

USDJPY recovered off its lows Tuesday. This keeps prices on either side of the 50-day EMA at 114.76. A clear break below this average would signal scope for a deeper pullback with the next firm support at 114.16, the Feb 2 low. Moving average studies highlight a bullish theme and a resumption of strength would refocus attention on the 116.34/35 key resistance and a bull trigger. Clearance of this level would resume the medium-term uptrend.

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

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