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Still Trading Below Its Key Resistance

USDJPY TECHS
  • RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 3: 125.86 High Jun 5 2015 and a major resistance
  • RES 2: 125.28 High Aug 12 2015
  • RES 1: 124.30/125.09 High Mar 29 / High Mar 28 and the bull trigger
  • PRICE: 123.81 @ 16:49 BST Apr 7
  • SUP 1: 122.38/21.28 Low Apr 5 / Low Mar 31 and a bear trigger
  • SUP 2: 120.96 20-day EMA
  • SUP 3: 120.00 Round number support
  • SUP 4: 119.44 Low Mar 22

USDJPY is holding on to recent gains and remains above last week’s low of 121.28 (Mar 31). A corrective cycle is still in play though despite recent gains. 121.28 represents a key short-term support. A break of this level would allow for an extension lower and open 120.95, Mar 24 low ahead of the 120.00 handle. On the upside, clearance of 125.09, the Mar 28 high and bull trigger, would confirm a resumption of the primary uptrend.

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