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Corrective Pullback

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 116.35 High Jan 4
  • PRICE: 115.79 @ 16:50 GMT Jan 6
  • SUP 1: 115.29 Low Jan 4
  • SUP 2: 114.71 20-day EMA
  • SUP 3: 113.99 50-day EMA
  • SUP 4: 113.33 Low Dec 20

USDJPY is still trading below Tuesday highs but trend conditions remain bullish. The break this week of key resistance at 115.52, the Nov 24 high, confirms a resumption of both the short and medium-term uptrend, paving the way for a climb towards 117.08 next, a Fibonacci projection. Moving average conditions are in a bull mode and this condition reinforces the current positive sentiment. Initial firm support is seen at 114.71, the 20-day EMA.

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