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Approaching A Multi-Year Trendline Resistance

USDJPY TECHS
  • RES 4: 113.89 1.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 113.68 2.0% 10-dma envelope
  • RES 2: 113.41 Multi-year trendline drawn from the Dec 1975 high
  • RES 1: 112.90 1.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • PRICE: 111.91 @ 15:20 BST Oct 8
  • SUP 1: 111.51 Low Oct 8
  • SUP 2: 110.82/80 Low Oct 4 / High Aug 11
  • SUP 3: 110.34 50-day EMA
  • SUP 4: 109.76 Low Sep 23

USDJPY has accelerated higher today following a resumption of its uptrend Friday - the pair cleared former resistance at 112.08, Sep 30 high. The break paves the way for further gains and has opened 113.41, a multi-year trendline resistance drawn from the December 1975 high. Ahead of this level, 112.90 is a Fibonacci projection. On the downside, key support has been defined at 110.82, Oct 4 low.

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