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Bullish Engulfing Candle

USDJPY TECHS
  • RES 4: 115.51 High Mar 10, 2017
  • RES 3: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 114.70/73 High Oct 20 / High Nov 6, 2017
  • RES 1: 114.44 High Nov 1
  • PRICE: 113.94 @ 06:22 GMT Nov 11
  • SUP 1: 112.73/42 Low Nov 9 / 50-day EMA
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

USDJPY worked against the short-term softer tone Wednesday. The strong recovery signals the potential end of the recent corrective pullback and yesterday's candle pattern appears to be a bullish engulfing reversal. If correct, this pattern signals scope for a climb towards key resistance at 114.70, Oct 20 high. A break would confirm a resumption of the primary uptrend. Key short-term support has been defined at 112.73, Nov 9 low.

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