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Bulls Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 150.78 High Nov 17
  • RES 3: 149.75 High Nov 22
  • RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 1: 148.80 High Jan 19
  • PRICE: 147.95 @ 16:13 GMT Jan 22
  • SUP 1: 147.08 Low Jan 17
  • SUP 2: 145.67/45.17 50- and 20-day EMA values
  • SUP 3: 144.36 Low Jan 12 and key S/T support
  • SUP 4: 143.42 Low Jan 9

USDJPY maintains a bullish tone and last week’s gains reinforce current conditions. Resistance at 146.41, the Jan 11 high, has recently been cleared, confirming a resumption of the bull cycle. The move higher opens 149.16 next, a Fibonacci retracement. On the downside, a key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top. Initial support lies at 147.08, the Jan 17 low.

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