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Attention Is On The 103.65 Support

USDJPY TECHS
  • RES 4: 105.68 High Nov 11 and the bull trigger
  • RES 3: 105.16 High Nov 13
  • RES 2: 104.76/86 High Nov 4 and key S/T resistance / 50-day EMA
  • RES 1: 104.44 20-day EMA
  • PRICE: 104.34 @ 16:25 GMT Nov 30
  • 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 bounced off Monday lows ahead of the London close, but still well shy of last week's 104.76. The inability to extend gains 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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