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Focus Remains On The Key Bear Channel Top

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 High Nov 24
  • RES 1: 104.40/71 High Jan 11 / 1.0% 10-dma envelope
  • PRICE: 103.87 @ 17:45 GMT Jan 19
  • SUP 1: 103.53 Low Jan 13
  • SUP 2: 102.95 Low Jan 7
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY started Tuesday's session on a firm note. Attention remains on 104.16, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains however a break, together with a move above 104.40, Jan 11 high, would signal a trend reversal. This would open 104.76, Nov 24 high. On the downside, support to watch lies at 103.53, Jan 13 low. A breach would highlight a possible reversal from the channel top.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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