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Through The 50-Day EMA

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 115.68/116.35 High Jan 11 / High Jan 4 and the bull trigger
  • PRICE: 114.06 @ 16:54 GMT Jan 13
  • SUP 1: 114.01 Low Jan 13
  • SUP 3: 113.56 Low Dec 21
  • SUP 4: 113.14 Low Dec 17
  • SUP 4: 113.02 2.0% 10-dma envelope

USDJPY remains in a S/T corrective cycle and traded lower again Thursday. The pair now sits below the 50-day EMA at 114.22, indicating a further negative development. Downside momentum has picked up in recent sessions, putting prices below the 1.0% 10-dma envelope, which may suggest downside pressure could ease in the coming few days. Support shifts lower to 113.56 and 113.14 below. For bulls, a resumption of gains would open 116.35, Jan 4 high.

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