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Trend Direction Remains Down

USDJPY TECHS
  • RES 4: 139.99 20-day EMA
  • RES 2: 139.89 High Nov 30
  • RES 3: 137.68 Low Nov 15 and a recent breakout level
  • RES 1: 135.98 High Dec 2
  • PRICE: 134.34 @ 20:32 GMT Dec 2
  • SUP 1: 133.63 Low Dec 2
  • SUP 2: 132.56 Low Aug 15
  • SUP 3: 131.08 1.00 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 130.41 Low Aug 2

The short-term trend condition in USDJPY remains bearish. Last Thursday’s move lower confirmed a resumption of the downtrend and Friday’s follow through reinforces a bear theme and maintains the bearish price sequence of lower lows and lower highs. Sights are on 132.56, Aug 15 low. Moving average studies are in a bear mode position and this highlights current sentiment. Key short-term resistance to watch is 139.89, the Nov 30 high.

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