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Extends The Current Retracement

USDJPY TECHS
  • RES 4: 105.75 100-dma
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 105.16 High Nov 13
  • RES 1: 104.75 20-day EMA
  • PRICE: 103.74 @ 16:31 GMT Nov 18
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.08 Bear channel base drawn off the Mar 24 low

USDJPY continues to retrace the Nov 9 rally. The outlook is bullish though. In candle terms, the Nov 9 price pattern is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11high, would reinforce a bullish set-up and open the 100-dma at 105.75 and the early October highs of 106.11. Initial support extends lower to 103.18, the Nov 6 low. A break through here would reinstate a bearish theme.

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