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Monday, December 10, 2012

$USDJPY

$USDJPY was higher overnight while extending the trading range of the past three weeks. 

Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at .12259 are needed to confirm that a short-term low has been posted. If March renews the decline off September's high, March's low crossing at .12000 is the next downside target. 

First resistance is the reaction high crossing at .12253. 
Second resistance is the 20-day moving average crossing at .12259. 

First support is November's low crossing at .12088. 
Second support is March's low crossing at .12000.