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Free AccessResistance At 50-day EMA Intact
- RES 4: 106.55 High Sep 3
- RES 3: 106.38 High Sep 8
- RES 2: 105.90 50-day EMA
- RES 1: 105.80 High Sep 30
- PRICE: 105.61 @ 10:32 BST Oct 1
- SUP 1: 104.88 Low Sep 23
- 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
Although still trading near the top of its recent range, a USDJPY bearish outlook holds. The pair has defined a firm support at 104.00, Sep 21 low, and this level represents a near-term bear trigger. A resumption of weakness and clearance of 104.00 would open 103.80 and 103.51, both Fibonacci projections. Continued gains would expose the 50-day EMA at 105.90 though. A clear breach would highlight a stronger bullish theme.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.