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Bearish Following 104.00 Breach

DOLLAR-YEN TECHS
  • RES 4: 105.75 High Oct 20
  • RES 3: 105.27/34 50-day EMA / High Nov 4 and key S/T resistance
  • RES 2: 104.54 High Nov 5
  • RES 1: 104.00 Low Sep 21 and this week's break out level
  • PRICE: 103.56 @ 06:10 GMT Nov 6
  • SUP 1: 103.36 Intraday low
  • SUP 2: 103.31 3.0% Lower Bollinger Band
  • SUP 3: 103.09 Low Mar 12
  • SUP 4: 102.02 Low Mar 10

USDJPY traded lower Thursday resulting in a clear break of 104.00 - the first move through that mark since March's Coronavirus fallout. The first notable level provided little support at the 76.4% retracement of the Mar 9-24 rally at 103.67. This keeps the outlook resolutely bearish signalling scope for weakness within a bear channel drawn off the Mar 24 high and opening 103.09 next, Mar 12 low. Initial resistance is seen at 104.00.

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