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Bullish Doji Candle Still In Play

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: 115.68/116.35 High Jan 11 / High Jan 4 and the bull trigger
  • RES 1: 115.06 Intraday high
  • PRICE: 114.57 @ 17:25 GMT Jan 18
  • SUP 1: 14.24 50-day EMA
  • SUP 2: 113.49/43 Low Jan 14 / 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.88 2.0% 10-dma envelope

USDJPY continues to recover from last week’s low of 113.49 on Jan 14. The recovery from below the 50-day EMA is a bullish development and this is reinforced by a reversal signal on Friday - a doji candle pattern. The 113.49 level marks a key short term support where a break is required to reinstate a bearish threat. Attention is on 115.68, Jan 11 high and the key resistance at 116.35 further out, the Jan 4 high and a bull trigger.

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