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Resumes Its Uptrend, Eyeing Its Bull Channel Top

USDJPY TECHS
  • RES 4: 121.04 High Feb 2 2016
  • RES 3: 120.00 Psychological round number
  • RES 2: 119.86 Bull channel top drawn from the Jun 1 2021 high
  • RES 1: 119.55 3.50 proj of the Feb 24 - Mar 3 - 4 price swing
  • PRICE: 119.17 @ 17:11 GMT Mar 18
  • SUP 1: 118.18 Low Mar 16
  • SUP 2: 117.28/116.51 Low Mar 14 / 20-day EMA
  • SUP 3: 116.35 High Jan 4
  • SUP 4: 115.60 50-day EMA

USDJPY resumed its uptrend once again Friday. This week’s important technical break was the move through resistance at 118.60/66, the Jan 3 ‘17 and Dec 15 ‘16 highs. This strengthened current bullish conditions. The pair is approaching the psychological 120.00 handle. Initial support is at 118.18. Note too that the USD is also approaching the top of a bull channel drawn from the Jun 1 2021 high - an important chart point and resistance.

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

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