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Consolidating But Outlook Remains Bearish

DOLLAR-YEN TECHS
  • RES 4: 106.11 High Oct 7 and key resistance
  • RES 3: 105.75 High Oct 20
  • RES 2: 105.53/60 High Oct 21 / 50-dma
  • RES 1: 105.06 Yesterday's high
  • PRICE: 104.73 @ 05:58 GMT Oct 27
  • SUP 1: 104.34 Low Oct 21
  • SUP 2: 104.00 Low Sep 21 and the bear trigger
  • SUP 3: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 4: 103.09 Low Mar 12

USDJPY is unchanged and consolidating. The outlook remains bearish though following the Oct 21 sell-off and the resumption of the downleg from 106.11, Oct 7 high. A number of important supports have been cleared exposing the key 104.00 handle, Sep 21 low. A break of 104.00 would suggest scope for a deeper USD depreciation within the bear channel drawn off the Mar 24 high. Initial resistance is at 105.04.

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