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DXY hovers at session low


Trades Above Trendline Resistance


Fades off its overnight high


(Z2) Breaches The 20-Day EMA

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Sharp Rally *RES 4: 110.29 High....>

*RES 4: 110.29 High Jan 17 and bull trigger
*RES 3: 109.87 High Jan 23
*RES 2: 109.65 High Jan 24
*RES 1: 109.54 High Feb 4
*PRICE: 109.44 @ 05:54 GMT Feb 5
*SUP 1: 108.55 Low Jan 4
*SUP 2: 108.31 Low Jan 31
*SUP 3: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
*SUP 4: 108.06 38.2% August - January rise
A fine intraday recovery in the pair saw USDJPY yesterday top both 109.14, Jan
31 high and 109.27, Jan 29 high. This represents an important bullish intraday
development and suggests the recent decline between Jan 17 and Jan 31 that we've
viewed as a correction is likely over. If correct, the break higher opens scope
for a stronger recovery towards the Jan highs of 110.29. Initial support is
yesterday's 108.55 low.

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