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Focus Remains On The Bear Channel Resistance

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76/78 High Nov 24 / 1.0% 10-dma envelope
  • RES 1: 103.95/104.40 Channel top from Mar 24 high / High Jan 11
  • PRICE: 103.67 @ 06:24 GMT Jan 27
  • SUP 1: 103.33 Low Jan 21
  • SUP 2: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY is largely unchanged and remains above last week's low of 103.33. Attention is on 103.95, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains and following a failure to breach the line earlier this month, has pulled away from recent highs of 104.40. Fresh weakness would expose 103.28 and 103.02, Fibonacci retracements. Clearance of 103.95 and 104.40, Jan 11 high would reverse the trend.

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