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Bear Threat Remains Present

  • RES 4: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 152.30 High Jul 1990
  • RES 2: 151.95 High Oct 21
  • RES 1: 149.71 High Oct 24
  • PRICE: 148.19 @ 15:47 GMT Nov 1
  • SUP 1: 147.08/145.11 20-day EMA / Low Oct 27
  • SUP 2: 144.22 50-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.77 Low Sep 23

The S/T outlook in USDJPY remains bearish despite the latest bounce from 145.11, Oct 27 low. The recent print below 145.56, Oct 24 low, reinforces a bearish condition and suggests the current correction is set to extend. Momentum studies are trending down, allowing an overbought condition to unwind. The focus is on the 50-day EMA at 144.22 - a key support. Key resistance is 151.95, Oct 21 high. Initial firm resistance to watch is 149.71.

MNI London Bureau | +44 203-865-3809 |

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