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Attention Back On Support

  • RES 4: 106.11 High Oct 7
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 104.89 50-day EMA
  • RES 1: 104.76 High Nov 24
  • PRICE: 104.04 @ 10:52 GMT Nov 27
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.19 Low Mar 9 and major support

USDJPY is trading lower having stalled this week at 104.76. The inability to push higher exposes support at 103.65, Nov 18 low. A break of this level would signal scope for deeper losses and open the more important bear trigger at 103.18, Nov 6 low. Recent attention has been on the Nov 9 price action, a bullish engulfing candle that signals a potential reversal. Gains above 104.76 are required to refocus attention on 105.68, Nov 11 high.

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