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Sights Are On The Bear Trigger

  • RES 4: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 3: 133.94 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 130.78/131.58 20-day EMA / High Jan 18
  • PRICE: 129.38 @ 06:33 GMT Jan 26
  • SUP 1: 127.23 Low Jan 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY is trading lower today. The trend outlook remains bearish and resistance at 131.58, the Jan 18 high, remains intact. Note too that the pair is also trading below the 20-day EMA, at 130.78. Recent activity still appears to be a bear flag formation, reinforcing the downtrend. A break lower would open 126.81, a Fibonacci projection - the bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development.

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