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Trend Needle Points South

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 132.55/133.77 20-day EMA / 50.0% of the Mar 8 - 24 bear leg
  • PRICE: 131.22 @ 06:26 BST Apr 6
  • SUP 1: 130.64 Low Apr 5
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • 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 this week’s move lower reinforces this theme. Resistance at the 50-day EMA has recently been tested, it intersects at 133.17 and represents a key S/T hurdle for bulls. A clear break would suggest scope for a stronger recovery. This would open 133.77, a Fibonacci retracement. On the downside, the bear trigger is at 129.64, Mar 24 low. A break would confirm a resumption of the downtrend.

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