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Support Remains Exposed

USDJPY TECHS
  • RES 4: 105.13 High Nov 16
  • RES 3: 104.76 High Nov 24 and key S/T resistance
  • RES 2: 104.28 High Dec 11
  • RES 1: 103.87/89 20-day EMA / High Dec 21
  • PRICE: 103.56 @ 16:34 GMT Dec 23
  • SUP 1: 102.88 Low Dec 17
  • SUP 2: 102.75 1.00 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.63 1.236 proj of Oct 7 - Nov 6 downleg from Nov 11 high

USDJPY maintains a bearish tone. The pair traded lower Dec 17 and cleared support at 103.18, Nov 6 low. This confirmed a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. On the upside, Monday's high of 103.89 is seen as initial resistance. The 20-day EMA is at 103.87.

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