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Bulls Remain In The Driver’s Seat For Now

USDJPY TECHS
  • RES 4: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 3: 148.51 High Nov 30
  • RES 2: 147.32 High Dec 7
  • RES 1: 146.59 High Dec 11
  • PRICE: 145.77 @ 16:37 GMT Jan 15
  • SUP 1: 143.42 Low Jan 9 and key short-term support
  • SUP 2: 141.86 Low Jan 3
  • SUP 3: 140.25 Low Dec 28 and the bear trigger
  • SUP 4: 139.11 2.236 proj of the Nov 13 - 21 - 22 price swing

USDJPY traded higher last week resulting in a break of resistance at 145.97, the Jan 5 high. The move higher undermines a recent bearish theme and instead highlights potential scope for a continuation of the bull cycle. This has opened 147.32, the Dec 7 high. A key short-term support has been defined at 143.42, the Jan 9 low. A break of this level is required to instead signal a top and highlight a resumption of bearish activity.

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