A robust recovery extension Thursday, as we had anticipated, after resilient consolidation in midweek above modest support in the 119.25/12 area.
This reinforces the late February solid rally from form support at 118.66/61 (ahead of stronger foundations at 118.28/11) and leaves a bullish tone and risk of upside challenges.
- We see an upside bias for 120.50; break here aims for 120.75/83, maybe 121.00.
- But below 119.75 targets the 119.38/30 area, which we would look to try to hold.
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4 Hour USDJPY Chart