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Support Appears Exposed

USDJPY TECHS
  • RES 4: 105.68 High Nov 11 and the bull trigger
  • RES 3: 105.20 76.4% retracement of the Nov 11 - 18 sell-off
  • RES 2: 104.76 High Nov 4 and key S/T resistance
  • RES 1: 104.28 High Dec 11
  • PRICE: 104.11 @ 19:37 GMT Dec 15
  • SUP 1: 103.51 Low Dec 14
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.75 1.00 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 4: 102.02 Low Mar 10

USDJPY traded lower Tuesday but remains above Monday's low of 103.51. Monday's move below 103.65, Nov 18 low signalled scope for a deeper pullback however, to strengthen this possibility, price needs to clear 105.51. A break would reinstate an intraday bearish risk and set the scene for a test of key support at 103.18, Nov 6 low. On the upside, key S/T resistance resides at 104.76, Nov 4 high. Clearance would open 105.68, Nov 11 high.

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