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Back Inside Its Recent Range - Watch Support!

USDJPY TECHS
  • RES 4: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.52 High Nov 24 and the bull trigger
  • RES 2: 114.81 76.4% of the Nov 24 - 30 downleg
  • RES 1: 114.38 61.8% of the Nov 24 - 30 downleg
  • PRICE: 113.59 @ 16:17 GMT Dec 17
  • SUP 1: 113.14 Low Dec 17
  • SUP 2: 112.53 Low Nov 30 and the bear trigger
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.32 61.8% retracement of the Aug - Nov rally

USDJPY broke out of its recent tight range and short-term conditions have improved for bulls - however the price action faltered Thursday and price is once again inside its recent range. The bullish engulfing candle on Dec 6 is still in play and highlights a reversal from 112.53, Nov 30 low. A resumption of gains would open the November high of 115.52. Sub 112.53 levels would reverse the trend. Watch initial support at 112.53, the Nov 30 low and the bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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