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Needle Still Points North

USDJPY TECHS
  • RES 4: 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • RES 3: 109.85 High Jun 5, 2020
  • RES 2: 109.70 High Jun 8, 2020
  • RES 1: 109.36/56 High Mar 15 / 76.4% of Mar 2020 - Jan downleg
  • PRICE: 109.12 @ 16:02 GMT Mar 25
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 108.08 20-day EMA
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.68 50-day EMA

USDJPY is slightly firmer but remains within its recent range. Trend conditions remain bullish. Attention is on 109.56, a key retracement where a break would reinforce bullish sentiment. Momentum studies are overbought however this condition is still not having an impact on the trend and instead, the set-up reinforces the current bullish theme. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and a correction.

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