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Resumes Its Uptrend

USDJPY TECHS
  • RES 4: 154.56 1.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 153.98 1.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 153.39 1.382 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 153.24 High Apr 10
  • PRICE: 152.93 @ 06:37 BST Apr 11
  • SUP 1: 151.21/150.00 20- and 50-day EMA values
  • SUP 2: 149.03 Low Mar 19
  • SUP 3: 147.44 Low Mar 14
  • SUP 4: 146.49 Low Mar 08 / 11 and key support

USDJPY traded sharply higher Wednesday. The climb takes the pair through key resistance at 151.91/95, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively. The break of this resistance zone resumes the primary uptrend and sights are on 153.39 next, a Fibonacci projection. The break also confirms a flag formation on the daily chart, a bullish chart pattern. Initial firm support lies at 151.21, the 20-day EMA.

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