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Bulls Remain In The Driver’s Seat

  • RES 4: 151.95 High Oct 21 and a major resistance
  • RES 3: 151.09 2.764 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 150.40 2.618 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 150.16 High Oct 3 and the bull trigger
  • PRICE: 149.60 @ 06:51 BST Oct 17
  • SUP 1: 148.81/147.43 20-day EMA / Low Oct 3
  • SUP 2: 147.13 50-day EMA
  • SUP 3: 145.91 Low Sep 11
  • SUP 4: 144.45 Low Sep 1

USDJPY is unchanged. The trend outlook remains bullish and the pair is trading closer to its recent trend highs. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a Fibonacci projection. On the downside, clearance of 147.43, the Oct 3 low, would be a bearish development and signal scope for a deeper retracement.

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