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All Eyes On 104.00

DOLLAR-YEN TECHS
  • RES 4: 105.75 High Oct 20
  • RES 3: 105.51/53 50-dma / High Oct 21
  • RES 2: 105.06 High Oct 26 and key near-term resistance
  • RES 1: 104.73 High Oct 29
  • PRICE: 104.20 @ 06:02 GMT Oct 30
  • SUP 1: 104.00 Low Sep 21 and the bear trigger
  • SUP 2: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 3: 103.09 Low Mar 12
  • SUP 4: 102.02 Low Mar 10

USDJPY maintains a bearish outlook and has overnight retraced most of yesterday's gains. Attention is on the key 104.00 handle, Sep 21 low. Clearance of this support would suggest scope for a deeper USD sell-off within the bear channel drawn off the Mar 24 high. A break lower would also confirm a resumption of the current downtrend and maintain the bearish price sequence of lower lows and lower highs. Firm resistance is at 105.06.

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