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Uptrend Resumes

USDJPY TECHS
  • RES 4: 111.30 High Mar 26
  • RES 3: 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • RES 2: 110.00 Round number resistance
  • RES 1: 109.85 High Jun 5, 2020
  • PRICE: 109.73 @ 17:08 GMT Mar 29
  • SUP 1: 109.13 Low Mar 26
  • SUP 2: 108.41 Low Mar 23 and key near-term support
  • SUP 3: 108.32 20-day EMA
  • SUP 4: 107.82 Low Mar 5

USDJPY rallied to a fresh 2021 high Friday. The move above 109.36, Mar 15 high confirms a resumption of the uptrend and note that 109.56 has been breached, a key retracement - 76.4% of Mar 2020 - Jan downleg. Attention is on 110.00 and the 110.63 Fibonacci projection. Overbought conditions are still not impacting this trend and instead continues to reinforce current sentiment. 108.41 is the key short-term support.

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

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