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Holding Onto Gains

  • RES 4: 112.23 High Feb 20, 2020
  • RES 3: 111.71 High Mar 24
  • RES 2: 111.30 High Mar 26, 2020
  • RES 1: 110.97 High Mar 31
  • PRICE: 110.73 @ 06:16 GMT Apr 1
  • SUP 1: 109.75 Low Mar 30
  • SUP 2: 109.13 Low Mar 26
  • SUP 3: 108.84/41 20-day EMA / Low Mar 23 and key support
  • SUP 4: 107.82 Low Mar 5

USDJPY is holding onto recent gains and remains bullish. The climb on Mar 26 above 109.36, the Mar 15 high confirmed a resumption of the uptrend and note, 109.56 has been breached, a key retracement - 76.4% of the Mar 2020 - Jan downleg. This sets the scene for a climb towards 111.30 next, Mar 26, 2020 high. Overbought conditions are still not impacting this trend and instead continues to reinforce current sentiment. 108.41 is key support.

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