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Remains Above The 50-Day EMA


Corrective Cycle Still In Play

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Range Bound

  • 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: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.87 High Feb 15
  • PRICE: 114.98 @ 06:52 GMT Mar 7
  • SUP 1: 114.41 Low Feb 24
  • SUP 2: 114.16 Low Feb 02 and a bear trigger
  • SUP 3: 113.47 Low Jan 24 and a key support
  • SUP 4: 113.14 Low Dec 17

USDJPY traded lower Friday but remains inside its recent range. The pair also continues to trade above the Feb 24 low of 114.41 and more importantly above its key support at 114.16, the Feb 2 low. While the latter support holds, the trend condition remains bullish highlighted by a positive moving average set-up. Stronger gains would refocus attention on the 116.34/35 key resistance. A break of 114.16, would instead highlight a bearish threat.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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