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- RES 4: 110.97 High Mar 31 and the bull trigger
- RES 3: 110.55 High Apr 6
- RES 2: 109.96 High Apr 9
- RES 1: 108.68 20-day EMA
- PRICE: 108.56 @ 16:47 BST Apr 27
- SUP 1: 107.48 Low Apr 23
- SUP 2: 106.97 Low Mar 4
- SUP 3: 106.78 50.0% retracement of the Jan - Mar rally
- SUP 4: 106.37 Low Mar 1
USDJPY traded below pivot support last week at 107.77, a trendline drawn off the Jan 6 low. The line intersects at 107.90 Tuesday. A clear breach of this trendline is required to strengthen a bearish case and this would signal scope for an extension lower towards 106.78, a Fibonacci retracement. For now, the trendline is holding. A strong break of resistance at 108.68, the 20-day EMA, would ease bearish pressure.