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Needle Points South

  • RES 4: 111.71 High Mar 24
  • RES 3: 111.30 High Mar 26, 2020
  • RES 2: 110.55/97 High Apr 6 / High Mar 31 and the bull trigger
  • RES 1: 109.96 High Apr 9
  • PRICE: 108.93 @ 06:25 BST Apr 14
  • SUP 1: 108.75 Intraday low
  • SUP 2: 108.41 Low Mar 23 and key support
  • SUP 3: 108.03 50-day EMA
  • SUP 4: 107.30 Trendline support drawn off the Jan 6 low

USDJPY remains vulnerable following the recent pullback from the Mar 31 high. The pair has traded lower today reinforcing the current bearish cycle and signalling scope for weakness towards 108.41, Mar 23 low and a key short-term support. The current pullback is likely a correction that is allowing a recent overbought trend condition to unwind. Initial resistance is at 109.96, the Apr 9 high.

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