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Trading At Recent Highs

USDJPY TECHS
  • RES 4: 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • RES 3: 109.85 High Jun 5, 2020
  • RES 2: 109.70 High Jun 8, 2020
  • RES 1: 109.56 61.8% retracement of the Mar 2020 - Jan downleg
  • PRICE: 109.00 @ 16:24 GMT Mar 16
  • SUP 1: 108.34 Low Mar 110
  • SUP 2: 107.82 Low Mar 5
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.68 Low Mar 2 and 3

USDJPY Traded higher again Monday registering a print above last week's high of 109.23. Trend conditions are bullish and Monday's break confirms a resumption of the uptrend. Attention is on 109.56, a key retracement level. Momentum studies remain in overbought territory however this is still not having an impact on the trend and instead, the set-up continues to reinforce the current bullish mood. Support to watch is at 108.34, Mar 10 low.

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