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USDJPY TECHS: Bull Cycle Remains In Play

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 160.00 Round number resistance   
  • RES 3: 159.45 High Jul 12
  • RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
  • RES 1: 158.08 High Dec 26 
  • PRICE: 157.40 @ 15:19 GMT Jan 3
  • SUP 1: 155.74 20-day EMA
  • SUP 2: 154.44 Low Dec 19  
  • SUP 3: 153.71 50-day EMA
  • SUP 4: 152.46 Low Dec 13  

USDJPY continues to trade below this week’s high, however, the latest move down appears corrective. The trend outlook remains bullish. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.74, the 20-day EMA.

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  • RES 4: 160.00 Round number resistance   
  • RES 3: 159.45 High Jul 12
  • RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
  • RES 1: 158.08 High Dec 26 
  • PRICE: 157.40 @ 15:19 GMT Jan 3
  • SUP 1: 155.74 20-day EMA
  • SUP 2: 154.44 Low Dec 19  
  • SUP 3: 153.71 50-day EMA
  • SUP 4: 152.46 Low Dec 13  

USDJPY continues to trade below this week’s high, however, the latest move down appears corrective. The trend outlook remains bullish. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.74, the 20-day EMA.