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Eyeing Near-Term Support

USDJPY TECHS
  • RES 4: 116.08 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.51 High Mar 10, 2017
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.70/73 High Oct 20 / High Nov 6, 2017
  • PRICE: 113.56 @ 06:31 BST Oct 28
  • SUP 1: 113.09/00 20-day EMA / Low Oct 12
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

USDJPY yesterday briefly breached last week's 113.41 low. The initial target of a sustained breach would be the 113.00 mark, a recent low which coincides with the 20-day EMA (113.09 today). However, more significant support lies at 112.08, Sep 30 high and a recent breakout level. Any deeper short-term pullback would be considered corrective. Trend conditions remain bullish and the trigger for a resumption of the trend is 114.70.

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