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Trend Outlook Remains Bearish

USDJPY TECHS
  • RES 4: 134.77 High Jan 6
  • RES 3: 133.20 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 130.42/131.58 20-day EMA / High Jan 18
  • PRICE: 128.65 @ 06:20 GMT Feb 2
  • SUP 1: 128.18/127.23 Intraday low / Low Jan 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY drifted lower Wednesday. The trend outlook remains bearish and the pair continues to trade below the key short-term resistance at 131.58, the Jan 18 high. Initial resistance is seen at the 20-day EMA, at 130.42. A continuation lower and a break of 127.23, the Jan 16 low and bear trigger, would open 126.81, a Fibonacci projection. For bulls, clearance of 131.58 would be a positive development and signal a short-term reversal.

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