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Bears Remains In The Driver's Seat

USDJPY TECHS
  • RES 4: 139.73 50-day EMA
  • RES 3: 138.17 High Dec 15
  • RES 2: 137.21 20-day EMA
  • RES 1: 134.54 Low Dec 14
  • PRICE: 132.06 @ 06:26 GMT Dec 21
  • SUP 1: 130.58 Low Dec 20
  • SUP 2: 130.41 Low Aug 2 and a key support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing

The USDJPY trend outlook remains bearish following Tuesday's 6 point drop in the pair. Key support at 131.74 has given way, opening losses toward late August lows of 130.41 for direction. Moving average studies are in a bear-mode position and price remains well below the 20-day EMA, at 137.21. The daily RSI is nearing oversold territory, which could slow downside progress near-term, but the overarching theme remains negative for now.

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