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Trend Outlook Remains Bullish

USDJPY TECHS
  • RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
  • RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 2: 151.43 High Nov 16
  • RES 1: 150.89 High Feb 13 and bull trigger
  • PRICE: 150.14 @ 16:14 GMT Mar 1
  • SUP 1: 149.21/148.28 Low Feb 29 / 50-day EMA
  • SUP 2: 147.63 Low Feb 7
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.59 Low Jan 16

The USDJPY trend outlook remains bullish and Thursday’s sell-off appears to have been a correction. The pair pierced support at 149.66, the 20-day EMA. A clear break of this average is required to signal potential for a deeper retracement, potentially towards the 50-day EMA, at 148.28. For bulls, a resumption of the trend would open 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high.

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

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