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Fresh Trend Lows

USDJPY TECHS
  • RES 4: 134.50 High Dec 28 and key resistance
  • RES 3: 134.41 20-day EMA
  • RES 2: 133.10 High Dec 30
  • RES 1: 131.45 Intraday high
  • PRICE: 130.42 @ 09:35 GMT Jan 3
  • SUP 1: 129.51 Low Jun 2
  • SUP 2: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 127.53 Low May 31
  • SUP 4: 126.36 Low May 24

USDJPY initially traded lower Tuesday and in the process breached support and the bear trigger at 130.58. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The pair has also traded through the 130.00 handle. This opens 129.51 next, the Jun 2 low, ahead of 128.44, a Fibonacci projection. Key short-term resistance has been defined at 134.50, the Dec 28 high.

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