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​Technical Analysis: USDJPY sellers eye three-week-old support line

A sustained reversal from 200-SMA, coupled with the fresh risk-on mood and the US dollar weakness, directs the USDJPY sellers towards a short-term support line stretched from November 06 during the early Friday. In addition to the 103.85 key support, multiple lows marked around 103.70 could also pop-up on the bears' radars during the further downside. It's worth mentioning the quote's declines past-103.70 should be tamed by the likely oversold RSI, if not then the monthly low of 103.17 may return to the chart.

Should the vaccine hopes supersede the recent trade/political tension concerning China, amid a light calendar, a successful rise past-104.00 becomes necessary for the bulls to target the three-day-old resistance line, at 104.25 now. While the 200-SMA level of 104.63 can lure the USDJPY bulls past-104.25, any further upside can eye the 105.00 threshold and a falling trend line from October 07, at 105.48 now.

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