A dip lower (and a solid rebound), but modest support has held at 119.50/44 to maintain upside risks within the broader range.
A better push than we had anticipated up through 120.37 on Tuesday still leaves 121.20 in the cross-hairs for a more bullish shift into early/ mid-April.
We see an upside bias for 120.46 and 120.60/65; break here aims for 121.20/22, which we would look to try to cap at first.
But below 119.62 opens risk down to 118.92, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the broader range defined by 121.20 and 118.15.
Range Breakout Challenge
Upside: Above 121.20 aims higher for the new 122.02 peak and to a key long term retracement at 122.45.
Downside: Below 118.15 sees risk lower for 117.17 and 116.64.
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4 Hour USDJPY Chart