February 16, 2024 19:30 GMT
Shallow Correction
USDJPY TECHS
- RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
- RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
- RES 2: 151.43 High Nov 16
- RES 1: 150.89 High Feb 13
- PRICE: 150.26 @ 16:26 GMT Feb 16
- SUP 1: 148.43/147.26 20- and 50-day EMA values
- SUP 2: 145.90 Low Feb 1 and key support
- SUP 3: 145.59 Low Jan 16
- SUP 4: 144.36 Low Jan 12
The USDJPY trend outlook remains bullish and the latest shallow pullback appears to be a correction. Recent fresh cycle highs confirm, once again, a resumption of the uptrend and note that Tuesday’s gains resulted in a break of 149.75, the Nov 22 high. This signals scope for a climb towards 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. Initial firm support lies at 148.43, the 20-day EMA.
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