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Holding On To The Bulk Of Its Recent Gains

USDJPY TECHS
  • RES 4: 139.59 61.8% retracement of the Oct 21 and Jan 16 bear leg
  • RES 3: 138.17 High Dec 15 and a key resistance
  • RES 2: 137.77 2.0% Upper Bollinger Band
  • RES 1: 137.09 High Mar 02 and the bull trigger
  • PRICE: 135.93 @ 16:17 GMT Mar 6
  • SUP 1: 135.26 Low Mar 1
  • SUP 2: 133.81 50-day EMA
  • SUP 3: 132.55 Low Feb 15
  • SUP 4: 131.52 Low Feb 14

The USDJPY trend outlook remains bullish and the pair is holding on to the bulk of its recent gains. Last week, the price pierced 136.67, 38.2% of the downleg between Oct 21 and Jan 16. A clear break of this hurdle would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.81, the 50-day EMA. A clear break of this average is required to signal a possible reversal.

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