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Corrective Pullback

USDJPY TECHS
  • RES 4: 153.52 2.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 152.20 3.00 proj of the Jul 14 - 21 - 28 price swing
  • RES 2: 151.95 High Oct 21 and a major resistance
  • RES 1: 150.78/151.09 High Oct 26 / 2.764 proj of Jul 14-21 - 28 swing
  • PRICE: 149.25 @ 14:25 BST Oct 30
  • SUP 1: 149.05/147.98 Intraday low / 50-day EMA
  • SUP 2: 147.43 Low Oct 3 and key support
  • SUP 3: 146.44 Low Sep 12
  • SUP 4: 145.91 Low Sep 11

USDJPY has pulled back from last week’s 150.78 trend high on Oct 26. The move lower is considered corrective and the uptrend remains intact. Last week’s breach of 150.16, the Oct 3 high, marks a resumption of the uptrend. MA studies are in a bull-mode position and this reflects the market's positive sentiment. Sights are on 151.09 next, a Fibonacci projection. The 20-day EMA has been breached, exposing the 50-day EMA, at 147.98.

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