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Remains Above The 20-Day EMA

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 116.35 High Jan 4 and the bull trigger
  • PRICE: 115.32 @ 06:29 GMT Jan 12
  • SUP 1: 114.96 20-day EMA
  • SUP 2: 114.21 50-day EMA
  • SUP 3: 113.56 Low Dec 21
  • SUP 4: 113.14 Low Dec 17

USDJPY remains in a short-term corrective cycle and below last week’s high of 116.35. Trend conditions are unchanged however and the outlook is bullish. This follows the recent break of 115.52, Nov 24 high, that confirmed a resumption of the trend and opens 117.08 next, a Fibonacci projection. Moving average conditions are in a bull mode reinforcing the current positive sentiment. Initial firm support is seen at 114.96, the 20-day EMA.

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