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Consolidating

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: 114.81 76.4% of the Nov 24 - 30 downleg
  • RES 1: 114.26/38 High Dec 15 / 61.8% of the Nov 24 - 30 downleg
  • PRICE: 113.73 @ 06:31 GMT Dec 21
  • SUP 1: 113.14 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 remains in a consolation mode. The pair broke out of its recent tight range last week signalling potential for a stronger rally. However, the rally faltered Thursday and price is again inside its recent range and on Friday did probe support at 113.23, the Dec 10 / 13 low. A stronger sell-off would expose the key support at 112.53, Nov 30 low while on the upside, clearance of 114.26, Dec 15 high is needed to offset any developing bearish concerns.

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