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USDJPY Correction Extends

  • USDJPY has traded sharply lower recently as it extends the pullback from 151.91, the Nov 13 high.
  • Support at the 50-day EMA has been cleared.
  • The clear break of this average strengthens a short-term bearish theme and signals scope for a deeper correction, towards 147.43, the Oct 3 low.
  • Further out, a continuation lower would expose the base of a channel drawn from the Mar 24 low.
  • The primary trend direction remains up. A resumption of gains would refocus attention on 151.95, the Oct 21 2022 high and major resistance.

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