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Solid Friday Rally

USDJPY TECHS
  • RES 4: 136.67 38.2% retracement of the Oct 21 - Jan 16 bear leg
  • RES 3: 136.98 2.0% 10-dma envelope
  • RES 2: 136.67 2.0% Upper Bollinger Band
  • RES 1: 136.46 High Feb 24
  • PRICE: 136.25 @ 15:49 GMT Feb 24
  • SUP 1: 129.81 Low Feb 10
  • SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
  • SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 126.36 Low May 24 and a key support

USDJPY rallied sharply into the Friday close, making for a solid bullish break. The new high at 136.46 holds just shy of vol band resistance at 136.67 and 136.98, which could contain a persistent rally into next week. Further strength will open 136.67, the Fibonacci retracement for the Oct - Jan bear leg. For now, firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.

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

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