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Trading Above Support - For Now

USDJPY TECHS
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.58 61.8% retracement of the Mar 8 - 13 bear leg
  • RES 2: 135.76 61.8% retracement of the Mar 8 - 13 bear leg
  • RES 1: 134.88 20-day EMA
  • PRICE: 133.54 @ 10:55 GMT Mar 15
  • SUP 1: 132.29 Low Mar 13
  • SUP 2: 131.31 61.8% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 129.81 Low Feb 10
  • SUP 4: 128.09 Low Feb 2

Recent weakness in USDJPY highlights potential for a deeper corrective pullback. However, the pair has found support at 132.29, Monday’s low and for now remains above this level. 132.39 represents an important short-term support. A break would expose 131.31, a Fibonacci retracement point. For bulls, a resumption of strength would open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.

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