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Pulls Away From Key Resistance

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: 116.35 High Jan 4 and the bull trigger
  • RES 1: 116.34 High Feb 10
  • PRICE: 115.10 @ 16:51 GMT Feb 18
  • SUP 1: 114.79 Low Feb 18
  • SUP 2: 114.73 50-day EMA
  • SUP 3: 114.16 Low Feb 02
  • SUP 4: 113.47 Low Jan 24 and key support

USDJPY slipped to new weekly lows in overnight Friday trade. The previously bullish outlook has faded, with markets eyeing the 50-day EMA at 114.73 for direction. A break and close below here opens losses toward the levels last seen in early February, with 114.16 the Feb 2 low. For any uptrend to resume, focus is on key resistance at 116.35, Jan 4 high and the bull trigger.

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