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Bear Channel Resistance Cracks

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76/79 High Nov 24 / 1.0% 10-dma envelope
  • RES 1: 104.46 High Jan 28 and a bull trigger
  • PRICE: 104.31 @ 16:59 GMT Jan 28
  • SUP 1: 103.92 Former channel top drawn off the Mar 2020 high
  • SUP 2: 103.33 Low Jan 21
  • SUP 3: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally
  • SUP 4: 102.59 Low Jan 6 and the bear trigger

USDJPY traded higher Wednesday and maintained a firmer tone into the Thursday close. Wednesday's key technical development was the break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way Thursday, confirming a resumption of the uptrend that started Jan 6. This signals a significant shift in sentiment to open levels not seen since November. Initial support is 103.92, the former channel top.

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

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