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Bounces, Leaving Support Intact

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 115.85/116.35 High Jan 10 / Jan 4 high and the bull trigger
  • RES 1: 115.49 High Jan 27
  • PRICE: 115.33 @ 17:24 GMT Jan 27
  • SUP 1: 113.47/49 Low Jan 24/14 and key short-term support
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.53/111.94 Low Nov 30 / 2.0% 10-dma envelope

USDJPY recovered well through the Wednesday session thanks to a rallying greenback, boosting the pair well ahead of support at 113.47/49. The print below 113.49 earlier in the week negates a recent bullish candle pattern - a doji on Jan 14 and a return lower would open 113.43, a Fibonacci retracement and 113.14, the Dec 17 low. Markets topped first resistance at 115.06, Jan 18 high, which reinstates a bullish theme.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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