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Bulls Pause For Breath

USDJPY TECHS
  • RES 4: 115.48 1.618 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.17 2.0% 10-dma envelope
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.50 1.382 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • PRICE: 114.16 @ 06:37 BST Oct 19
  • SUP 1: 113.65/00 Low Oct 15 / Low Oct 12
  • 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 is consolidating and remains firm. A strong bullish theme follows the break last week of a long-term trendline (at 113.41) drawn off the December 1975 high. This marks a potentially significant breach and reinforces both the short and medium-term bullish outlook. Attention is on a vol band resistance at 115.17. On the downside, initial firm support is seen at 112.08, Sep 30 high and a recent breakout level.

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