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Bullish Engulfing Candle Still In Play

USDJPY TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 106.11 High Oct 8
  • RES 2: 105.88 100 dma
  • RES 1: 105.65 High Nov 9 and the intraday bull trigger
  • PRICE: 105.46 @ 10:58 GMT Nov 11
  • SUP 1: 104.42 50.0% retracement of yesterday's range
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.29 Bear channel base drawn off the Mar 24 high

USDJPY rallied sharply higher Monday defining a key short-term support at 103.18, Nov 6 low. The pair remains bullish. In candle terms, Monday's price pattern is a bullish engulfing line highlighting a potential reversal in sentiment. A break of 105.65, the Monday high would reinforce this set-up and signal scope for a climb towards the 100-dma at 105.88 and the early October highs of 106.11. Initial support is seen at 104.42, 50.0% of Monday's trading range.

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