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Focus Is On The Key Near-Term Support

  • RES 4: 106.95 High Sep 28
  • RES 3: 106.48 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: 105.42 @ 17:44 BST Oct 19
  • 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 continues to display a softer tone. 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 recent sell-off is considered a correction. The bull trigger is at 106.11, Oct 7 high where a break would resume bullish pressure. Initial resistance is at 105.63.

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