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Gains Considered Corrective

USDJPY TECHS
  • RES 4: 148.51 High Nov 30
  • RES 3: 147.32 High Dec 7
  • RES 2: 146.59 High Dec 11 and key short-term resistance
  • RES 1: 145.26 76.4% retracement of the Dec 11 - 14 sell-off
  • PRICE: 143.44 @ 15:08 GMT Dec 20
  • SUP 1: 142.25 Low Dec 19
  • SUP 2: 140.97/71 Low Dec 14 / 76.4% of the Jul 14 - Nov 13 bull run
  • SUP 3: 140.23 2.00 proj of the Nov 13 - 21 - 22 price swing
  • SUP 4: 139.11 1.764 proj of the Nov 13 - 21 - 22 price swing

USDJPY traded higher Tuesday as the pair extended the recovery from 140.97, the Dec 14 low. For now, the rally appears to be a correction. Last week’s sell-off reinforced current bearish conditions. The pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, a Fibonacci retracement point. Key short-term resistance has been defined at 146.59, the Dec 11 high.

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