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Bear Threat Remains Present

USDJPY TECHS
  • 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: 148.07 @ 15:48 GMT Nov 3
  • SUP 1: 145.68/145.11 Low Nov 2 / Low Oct 27
  • SUP 2: 144.51 50-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.77 Low Sep 23

USDJPY still appears vulnerable despite the recent recovery from 145.11, Oct 27 low. Last week’s print below 145.56, Oct 24 low, reinforces a bearish condition and suggests the correction lower is likely to extend. Momentum studies continue to trend down. Attention is on the 50-day EMA at 144.51 - a key support. Key resistance is at 151.95, the Oct 21 high. Initial firm resistance to watch is at 149.71.

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  • 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: 148.07 @ 15:48 GMT Nov 3
  • SUP 1: 145.68/145.11 Low Nov 2 / Low Oct 27
  • SUP 2: 144.51 50-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.77 Low Sep 23

USDJPY still appears vulnerable despite the recent recovery from 145.11, Oct 27 low. Last week’s print below 145.56, Oct 24 low, reinforces a bearish condition and suggests the correction lower is likely to extend. Momentum studies continue to trend down. Attention is on the 50-day EMA at 144.51 - a key support. Key resistance is at 151.95, the Oct 21 high. Initial firm resistance to watch is at 149.71.