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Resumes Uptrend

  • RES 4: 106.95 High Aug 28, 2020
  • RES 3: 106.55 High Sep 3, 2020
  • RES 2: 106.26 1.50 projection of Jan 6 / 11 / 21 price swing
  • RES 1: 106.22 High Feb 17
  • PRICE: 105.91 @ 06:33 GMT Feb 18
  • SUP 1: 105.18 Low Feb 16
  • SUP 2: 104.68 Trendline drawn off the Jan 6 low / Low Feb 10
  • SUP 3: 104.41 Low Feb 10
  • SUP 4: 104.07 Low Jan 28

USDJPY maintains a bullish tone and is trading closer to recent highs following Tuesday's rally. Tuesday's climb resulted in a break of resistance at 105.77, Feb 5 high. This confirms a resumption of the uptrend that started Jan 6 and reinforces the significance of the recent key technical break - the breach on Jan 27 of the bear channel resistance drawn off the Mar 2020 high. The focus is on 106.26 next, a Fibonacci projection.

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