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Reinstates Bullish Theme

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: 115.85/116.35 High Jan 10 / Jan 4 high and the bull trigger
  • RES 1: 115.68 High Jan 28
  • PRICE: 115.23 @ 16:30 GMT Jan 31
  • SUP 1: 114.48/113.47 Low Jan 27 / Low Jan 24 and key support
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.53/112.15 Low Nov 30 / 2.0% 10-dma envelope

USDJPY is holding onto last week’s gains and maintains a bullish tone. Last week’s gains resulted in a move through former resistance at 115.06, the Jan 18 high. This strengthens a bullish case and signals scope for a climb towards 116.35, high Jan 4 and the key resistance. Initial resistance is at 115.67 has been tested, a Fibonacci retracement. A key short-term support has been defined at 113.47, Jan 24 low.

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

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