USD/JPY - Weekly Analysis For March 23-27

USD/JPY (a daily chart of which is shown) fell precipitously last week to bounce up off a key uptrend support line extending from the second test of the 87.00 lows in January. This bounce can also be considered to have occurred right around both the 50% and 61.8% retracement levels of the latest bullish run.

The pair dipped significantly below the key 94.50 price region, which effectively represents the point of demarcation between a potentially continuing uptrend and a failed uptrend, but then quickly recovered back up above 95.00 by the end of the week.

The upcoming week of March 23-27 should provide strong direction for both the dollar and this embattled currency pair. To the downside, continued support should be provided by the 94.50 level, while any substantial breakout back up above 96.00 could once again target a re-test of the recent 99.65 high.

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