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Attention Turns To The Bear Channel Top

USDJPY TECHS
  • RES 4: 104.76 High Nov 24
  • RES 3: 104.45 Bear channel top drawn off the Mar 24 high
  • RES 2: 104.13 50.0% retracement of the Nov 11 - Jan 6 sell-off
  • RES 1: 104.00 50-DMA
  • PRICE: 103.82 @ 16:43 GMT Jan 8
  • SUP 1: 102.95 Low Jan 7
  • SUP 2: 102.59 Low Jan 6 and the bear trigger
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.63 1.382 proj of Oct 7 - Nov 6 downleg from Nov 11 high

USDJPY rallied later in the week to extend the recovery off Wednesday's 102.59 low. The pair is testing the 50-day EMA at 103.97. A break and close above would strengthen S/T bullish conditions and signal scope for stronger rally. This would open 104.13 and 104.45. The former is a Fibonacci retracement and the latter, the top of a bear channel drawn off the Mar 24 high. A channel break out would signal a reversal. On the downside, 102.59 is the bear trigger.

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