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Trend Structure Remains Bearish

USDJPY TECHS
  • RES 4: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 3: 133.51 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 130.62/131.58 20-day EMA / High Jan 18
  • PRICE: 130.10 @ 16:37 GMT Jan 31
  • SUP 1: 128.36/127.23 Low Jan 20 / 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 traded slightly lower into the Tuesday close but remains in consolidation mode for now. The trend direction is down. Price is trading below key short-term resistance at 131.58, the Jan 18 high and below the 20-day EMA, at 130.62. A resumption of weakness would open 126.81, a Fibonacci projection - the bear trigger is 127.23, Jan 16 low. On the upside, a break of 131.58 would be a bullish development, signal a short-term reversal and open 133.51, the 50-day EMA.

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

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