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Trend Needle Points North

USDJPY TECHS
  • RES 4: 150.78 High Nov 17
  • RES 3: 149.75 High Nov 22
  • RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 1: 148.89 High Feb 05
  • PRICE: 148.14 @ 16:16 GMT Feb 6
  • SUP 1: 146.99/145.90 20-day EMA / Low Feb 1 and key support
  • SUP 2: 145.59 Low Jan 16
  • SUP 3: 144.36 Low Jan 12
  • SUP 4: 143.42 Low Jan 9

The USDJPY trend outlook is bullish and Friday’s strong rally reinforces this condition. Key resistance at 148.80, the Jan 19 high, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend that started late December and open 149.16, a Fibonacci retracement point. The break higher would also signal scope for gains towards 149.75, the Nov 22 high. Key short-term support lies at 145.90, the Feb 1 low.

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