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Bull Cycle Extends

USDJPY TECHS
  • RES 4: 149.75 High Nov 22
  • RES 3: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 2: 148.51 High Nov 30
  • RES 1: 147.89 Intraday high
  • PRICE: 147.75 @ 06:52 GMT Jan 17
  • SUP 1: 145.35/144.51 50- and 20-day EMA values
  • SUP 2: 143.42 Low Jan 9 and key S/T support
  • SUP 3: 141.86 Low Jan 3
  • SUP 4: 140.25 Low Dec 28 and the bear trigger

USDJPY is trading higher this week as the pair extends the recovery that started Dec 28. Tuesday’s gains resulted in a break of 146.41, the Jan 11 high, confirming a resumption of the bull cycle. The move higher opens 148.51 next, the Nov 30 high. A key short-term support has been defined at 143.42, the Jan 9 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.

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