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Key Short-Term Support Remains Intact

USDJPY TECHS
  • RES 4: 153.52 2.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 152.20 3.00 proj of the Jul 14 - 21 - 28 price swing
  • RES 2: 150.78/51.95 High Nov 17 / High Oct 21 ‘22 - major resistance
  • RES 1: 149.79 20-day EMA
  • PRICE: 148.29 @ 06:47 GMT Nov 28
  • SUP 1: 147.15 Low Nov 21 and a key support
  • SUP 2: 146.48 Trendline support drawn from the Mar 24 low
  • SUP 3: 144.45 Low Sep 1
  • SUP 4: 142.85 61.8% of the Jul 14 - Nov 13 bull run

USDJPY has traded lower this week, however the pair remains above last week’s low for now. The bullish price pattern on Nov 21 - a dragonfly doji candle - continues to signal a potential reversal. If correct, it suggests scope for a rally that would expose key resistance at 151.95, the Oct 21 2022 high. For bears, clearance of 147.15, the Nov 21 low, would cancel the reversal pattern and instead open 146.48, trendline support drawn from Mar 24.

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