December 23, 2014

USDJPY has regained upside momentum, rising for 5 straight days after bouncing off 115.55. The kijun-sen line has crossed above the tenkan-sen line which is a bullish signal. RSI is back into bullish territory above 50. There is scope for a retest of 121.84, the 7-year high hit on December 8.

To the downside, there is immediate support at 117.90 which is the 23.6% Fibonacci retracement level of the move up from 105.19 to 121.84. Below this strong support is seen at 115.55, the December 16 low and 38.2% Fibonacci level. Below this level the bullish bias will shift to the downside. However the overall long term market structure is bullish as prices are above the Ichimoku cloud.

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