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Rally Falters, Corrects Lower

USDJPY TECHS
  • RES 4: 147.32 High Dec 7
  • RES 3: 146.59 High Dec 11 and key short-term resistance
  • RES 2: 145.97 High Jan 05
  • RES 1: 145.34 50-day EMA
  • PRICE: 144.13 @ 15:47 GMT Jan 05
  • SUP 1: 140.23 2.00 proj of the Nov 13 - 21 - 22 price swing
  • SUP 2: 139.11 2.236 proj of the Nov 13 - 21 - 22 price swing
  • SUP 3: 138.07 Low Jul 28
  • SUP 4: 137.25 Low Jul 14 and key support

USDJPY returned lower into the Friday close, with the sharp rally aggressively sold on a series of poor US jobs data releases. This contains spot prices below the 50-day EMA on a closing basis, meaning a potential return lower and a resumption of the bearish downtrend condition. Support at 140.97, the Dec 14 low, was cleared ahead of end-’23, opening 140.23, a Fibonacci projection point.

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