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Back Below 114.00

USDJPY TECHS
  • RES 4: 116.87 High Jan 1, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.51 High Mar 10, 2017
  • RES 1: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • PRICE: 113.80 @ 16:41 GMT Nov 19
  • SUP 1: 113.59 Low Nov 19
  • SUP 2: 112.81/73 50-day EMA / Low Nov 9
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.51 Low Oct 8

USDJPY remains in an uptrend and this week's break of 114.70, Oct 20 high confirms a resumption of this trend. However, recent gains have stalled and Wednesday's price action is a potential concern for bulls. The price pattern on this day is a bearish engulfing candle and represents a short-term reversal pattern. A deeper pullback would expose key support at 112.73, Nov 9 low. Clearance of 114.97, Wednesday's high would remove bearish concerns.

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