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Pullback Considered Corrective


Corrective Cycle


Corrective Bounce


Short-Term Trend Needle Points South

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Bear Threat Remains Present

  • RES 4: 145.11 Low Oct 27 and a recent breakout level
  • RES 3: 143.02 50-day EMA
  • RES 2: 142.48 High Nov 11
  • RES 1: 139.64/142.25 High Nov 24 / High Nov 21 and the bull trigger
  • PRICE: 138.21 @ 06:54 GMT Nov 28
  • SUP 1: 137.68 Low Nov 15 and a bear trigger
  • SUP 2: 137.37 Low Aug 29
  • SUP 3: 135.82 Low Aug 23
  • SUP 4: 135.49 76.4% retracement of the Aug 2 - Oct 21 bull leg

Short-term trend conditions in USDJPY remain bearish following last week’s move lower. The reversal from 142.25, the Nov 21 high, signals the end of the corrective bounce between Nov 15 - 22. Attention is on the bear trigger at 137.68, the Nov 15 low where a break would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance is seen at 142.25.

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