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Bearish Trend Sequence

USDJPY TECHS
  • RES 4: 147.32 High Dec 7
  • RES 3: 146.59 High Dec 11 and key short-term resistance
  • RES 2: 144.96 High Dec 19
  • RES 1: 143.89 20-day EMA
  • PRICE: 141.42 @ 15:22 GMT Dec 29
  • SUP 1: 140.23 2.00 proj of the Nov 13 - 21 - 22 price swing
  • SUP 2: 139.11 2.236 proj of the Nov 13 - 21 - 22 price swing
  • SUP 3: 138.07 Low Jul 28
  • SUP 4: 137.25 Low Jul 14 and key support

USDJPY traded lower Thursday and the pair has remained below 144.96, the Dec 9 high. The recent recovery from 140.97, the Dec 14 low, was a correction and the trend condition remains bearish. Support at 140.97, the Dec 14 low, has been cleared, confirming a resumption of the downtrend that started Nov 13. This opens 140.23, a Fibonacci projection point. Initial firm resistance is at 143.89, the 20-day EMA. Gains are considered corrective.

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

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