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Trend Needle Points North

USDJPY TECHS
  • RES 4: 139.59 61.8% retracement of the Oct 21 and Jan 16 bear leg
  • RES 3: 138.17 High Dec 15 and a key resistance
  • RES 2: 137.95 2.0% Upper Bollinger Band
  • RES 1: 137.09 High Mar 02 and the bull trigger
  • PRICE: 136.75 @ 16:18 GMT Mar 7
  • SUP 1: 135.26 Low Mar 1
  • SUP 2: 133.90 50-day EMA
  • SUP 3: 132.55 Low Feb 15
  • SUP 4: 131.52 Low Feb 14

USDJPY rallied Tuesday, cementing the near-term bullish outlook in the pair. The pair is holding on to the bulk of its recent gains after last week piercing 136.67, 38.2% of the downleg between Oct 21 and Jan 16. A clear break of this retracement would open 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.90, the 50-day EMA. A clear break of this average is required to signal a reversal.

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