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USDJPY churns through the tech on its way to 110

The big 110 is back in the frame as we build on the 109 break.

110.00 was a big level on the way down, and became a decent level on the way back up.

USDJPY H4 chart

We're hitting resistance around the Apr 22nd support and still have the 61.8 fib of the 112 drop at 109.45, then the 200 h4 ma at 109.70. I would expect the defence of 110.00 to start around 109.85/90. A break would need to clear 110.20 or build support at 110.00. If it does break then use the level as your main support point. Go below again and another rally might be in trouble.

We've got to get there first so we need to take what's in front of us now. Support needs to build at 109.00 and it looks like we have some lower at 108.85 with stronger at 108.60/65.

You can't ignore levels like 110, and it's going to be another big test for whether the pair can turn around the bearish sentiment.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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