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Trend Direction Remains Down

USDJPY TECHS
  • RES 4: 135.11 High Mar 15
  • RES 3: 133.41 50-day EMA
  • RES 2: 133.00 High Mar 22
  • RES 1: 132.82 20-day EMA
  • PRICE: 132.56 @ 16:40 BST Mar 29
  • SUP 1: 129.75/64 76.4% of the Jan 16 - Mar 8 rally / Mar 27 low
  • SUP 2: 129.12 High Feb 2
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The trend direction in USDJPY remains down and short-term gains are considered corrective. The pair traded lower last week, maintaining the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 132.82 where a break is required to ease bearish pressure.

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

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