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USDJPY TECHS: Trades Through The 50-Day EMA

USDJPY TECHS
  • RES 4: 139.59 50.0% retracement of the Oct 21 and Jan 16 bear leg
  • RES 3: 138.17/25 High Dec 15 / 2.0% Upper Bollinger Band
  • RES 2: 137.91 High Mar 8 and the bull trigger
  • RES 1: 135.13/136.99 20-day EMA / High Mar 10
  • PRICE: 134.31 @ 05:49 GMT Mar 11
  • SUP 1: 133.56 Intraday low
  • SUP 2: 132.57 50.0% retracement of the Jan 18 - Mar 8 rally
  • SUP 3: 131.31 61.8% retracement of the Jan 18 - Mar 8 rally
  • SUP 4: 129.81 Low Feb 10

The USDJPY trend outlook is unchanged and remains bullish. However, Friday’s move lower and today’s extension, highlights potential for a deeper corrective pullback. The pair has traded below support at 135.26, the 50-day EMA. A clear break of this average would strengthen a bearish threat and expose 132.57, a Fibonacci retracement point. On the upside, the bull trigger and key resistance has been defined at 137.91, the Mar 8 high.

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