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Trend Needle Points South

USDJPY TECHS
  • RES 4: 137.48 High Dec 20
  • RES 3: 136.56 200-dma
  • RES 2: 134.77/81 High Jan 6 / 23.6% Oct - Jan Downleg
  • RES 1: 133.43 20-day EMA
  • PRICE: 132.49 @ 16:52 GMT Jan 11
  • SUP 1: 131.31 Low Jan 9
  • SUP 2: 129.52 Low Jan 3 and the bear trigger
  • SUP 3: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 127.53 Low May 31

USDJPY is unchanged and remains below last Friday’s high of 134.77. The pullback and weak close on Friday, reinforces a bearish theme and suggests that recent gains have been a correction. Moving average studies are in a bear-mode position, highlighting a broader downtrend. The key support and trigger for a resumption of the trend is 129.52, Jan 3 low. Initial key short-term resistance is at 134.77.

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

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