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Eyeing Key Support

USDJPY TECHS
  • RES 4: 105.13 High Nov 16
  • RES 3: 104.76 High Nov 24 and key S/T resistance
  • RES 2: 104.28 High Dec 11
  • RES 1: 103.90 High Dec 28
  • PRICE: 103.13@ 06:32 GMT Dec 31
  • SUP 1: 102.96 Low Dec 30
  • SUP 2: 102.88 Low Dec 17 and the bear trigger
  • SUP 3: 102.75 1.00 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 4: 102.02 Low Mar 10

USDJPY maintains a bearish tone and traded lower Wednesday. The pair on Dec 17, cleared support at 103.18, Nov 6 low. This confirmed a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. 103.90 marks initial resistance.

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