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USDJPY TECHS
  • RES 4: 136.63 200-dma
  • RES 3: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 2: 131.31/132.94 Low Jan 9 / 20-day EMA
  • RES 1: 129.52 Low Jan 3 and a recent breakout point
  • PRICE: 127.55 @ 16:01 GMT Jan 13
  • SUP 1: 127.46 Low Jan 13
  • 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 remains soft and has resumed its downtrend following the break of support at 129.52 Thursday, marking the 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 127.53, the May 31, 2022 low.. Key resistance has been defined at 134.77, Jan 6 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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