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Bull Cycle Extension

USDJPY TECHS
  • RES 4: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.52 High Nov 24 and the bull trigger
  • RES 2: 115.37 High Nov 26
  • RES 1: 115.21 High Dec 30
  • PRICE: 115.13 @ 15:07 GMT Dec 31
  • SUP 1: 113.81/14 20-day EMA / Low Dec 17
  • SUP 2: 112.53 Low Nov 30 and the bear trigger
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.32 61.8% retracement of the Aug - Nov rally

USDJPY trades in a range Friday, holding the strength triggered by the breach of resistance at 114.26, Dec 15 high as well as 114.38, the 61.8% Fibonacci retracement of the Nov 24 - 30 downleg. This signals potential for a stronger rally toward 115.37, the Nov 26 high. A reversal lower would instead expose key support at 112.53, Nov 30 low. Watch initial firm support at 113.14, the Dec 17 low.

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