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Inside Its Recent Range Again - Watch Support!

USDJPY TECHS
  • RES 4: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.52 High Nov 24 and the bull trigger
  • RES 2: 114.81 76.4% of the Nov 24 - 30 downleg
  • RES 1: 114.38 61.8% of the Nov 24 - 30 downleg
  • PRICE: 113.56 @ 06:12 GMT Dec 17
  • SUP 1: 113.23 Low Dec 10 / 13
  • SUP 2: 112.53 Low Nov 30 and the bear trigger
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.32 61.8% retracement of the Aug - Nov rally

USDJPY broke out of its recent tight range and short-term conditions have improved for bulls - however the price action faltered yesterday and price is once again inside its recent range. The bullish engulfing candle on Dec 6 is still in play and highlights a reversal from 112.53, Nov 30 low. A resumption of gains would open the November high of 115.52. Sub 112.53 levels would reverse the trend. Watch initial support at 113.23, the Dec 10 / 13 low.

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