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Focus Shifts To Resistance

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 106.38 High Sep 8
  • RES 2: 105.87 50-day EMA
  • RES 1: 105.80 High Sep 30
  • PRICE: 105.56 @ 06:04 BST Oct 5
  • SUP 1: 104.94 Low Oct 2
  • SUP 2: 104.41 Low Sep 22
  • SUP 3: 104.00 Low Sep 21 and the bear trigger
  • SUP 4: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high

USDJPY traded lower Friday but managed to find support at 104.94. The recovery neutralises a bearish signal Friday and the pair trading back within its recent consolidative range. Key near-term resistance is located at 105.80/87, the Sep 30 and 50-day EMA. A break would represent a bullish development and open 106.55, Sep 3 high. On the downside, key short-term support lies at 104.94, Friday's low. A break would resume a bearish threat.

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