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Solid Friday Rally - Updated

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 @ 08:01 GMT Feb 27
  • SUP 1: 134.06 Low Feb 24
  • SUP 2: 134.35 23.6% Fib retracement for Jan - Feb Upleg
  • SUP 3: 132.96 Uptrendline Drawn Off Feb 2 Low
  • SUP 4: 128.47 2.0% Lower Bollinger Band

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 this 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.

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