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Eyeing Key Short-Term Support

DOLLAR-YEN TECHS
  • RES 4: 106.95 High Sep 28
  • RES 3: 106.55 High Sep 3 / Channel resistance drawn off Mar 24 high
  • RES 2: 106.11/38 High Oct 7 and the bull trigger / High Sep 8
  • RES 1: 105.63 High Oct 13
  • PRICE: 105.32 @ 10:34 BST Oct 15
  • SUP 1: 105.04 Low Oct 14
  • SUP 2: 104.94 Low Oct 2 and key near-term support
  • SUP 3: 104.41 Low Sep 22
  • SUP 4: 104.00 Low Sep 21 and the bear trigger

USDJPY traded lower Wednesday extending this week's slide and the recent pullback from last week's 106.11 high on Oct 7. Intraday momentum studies still point south however, to strengthen a bearish theme price needs to trade below 104.94, Oct 2 low. This would open 104.00, Sep 21 low. While 104.94 remains intact, the current sell-off is considered a correction following recent gains. The bull trigger is at 106.11, Oct 7 high. Initial resistance is at 105.63.

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