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Trend Needle Points North

USDJPY TECHS
  • RES 4: 150.78 High Nov 17
  • RES 3: 149.75 High Nov 22
  • RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 1: 148.80 High Jan 19
  • PRICE: 147.66 @ 19:51 GMT Jan 29
  • SUP 1: 146.66 Low Jan 24
  • SUP 2: 146.08 50-day EMA
  • SUP 3: 144.36 Low Jan 12 and key S/T support
  • SUP 4: 143.42 Low Jan 9

The USDJPY trend outlook remains bullish and the pair is holding on to the bulk of its recent gains. Moving average studies have crossed and are in a bull-mode set-up. This reinforces the current trend condition. Sights are on 149.16 next, a Fibonacci retracement. Key short-term support has been defined at 144.36, the Jan 12 low. A break of this level is required to signal a top. Initial firm support to watch lies at 146.08, the 50-day EMA.

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