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Bear Channel Resistance Is Still Intact

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: 104.76/78 High Nov 24 / 1.0% 10-dma envelope
  • RES 1: 103.99/40 Channel top drawn off Mar 24 high / High Jan 11
  • PRICE: 103.68 @ 17:07 GMT Jan 26
  • SUP 1: 103.33 Low Jan 21
  • SUP 2: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY remains above last week's low of 103.33. Attention is on 103.99, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains and following a failure earlier this month to break higher, has pulled away from recent highs of 104.40. Fresh weakness would expose 103.28 and 103.02, Fibonacci retracements. On the upside, clearance of 104.02 and 104.40, Jan 11 high would reverse the trend.

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