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USDJPY TECHS
  • RES 4: 137.48 High Dec 20
  • RES 3: 136.63 200-dma
  • RES 2: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 1: 131.31/132.94 Low Jan 9 / 20-day EMA
  • PRICE: 129.11 @ 06:01 GMT Jan 13
  • SUP 1: 128.66 Intraday low
  • SUP 2: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 127.53 Low May 31
  • SUP 4: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY remains soft and has resumed its downtrend following the break of support at 129.52 yesterday, Jan 3 low. With moving average studies in a bear mode condition and a bearish price sequence highlighting a clear downtrend, further weakness is likely. Note that the 50- and 200-dmas are on the cusp of forming a bearish death cross. The focus is on 128.44, a Fibonacci projection. Key resistance has been defined at 134.77, Jan 6 high.

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