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ARGENTINA

Beef Exports Deal Expected, CPI Due

Uptrend Remains Intact

USDJPY TECHS
  • RES 4: 106.05 1.50 proj of the Jan 6 - 11 rally from the Jan 21 low
  • RES 3: 105.68 High Nov 11 and a key resistance
  • RES 2: 105.16 High Nov 13
  • RES 1: 105.00 High Feb 1
  • PRICE: 104.93 @ 16:28 GMT Feb 1
  • SUP 1: 104.40 High Jan 11 and recent breakout level
  • SUP 2: 103.85 Former channel top drawn off the Mar 2020 high
  • SUP 3: 103.33 Low Jan 21
  • SUP 4: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally

USDJPY bullish conditions dominate following last week's price developments. The pair on Jan 27 confirmed a clear break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6 and this also reinforces the significance of the channel breakout. The focus is on 105.68 next, Nov 11 high. Initial support is at 104.40.

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