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Reverts Higher

USDJPY TECHS
  • RES 4: 115.51 High Mar 10, 2017
  • RES 3: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 114.70/73 High Oct 20 / High Nov 6, 2017
  • RES 1: 114.44 High Nov 1
  • PRICE: 113.83 @ 16:37 GMT Nov 10
  • SUP 1: 112.36 50-day EMA
  • 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 worked against the short-term softer tone Wednesday, rallying solidly to narrow the gap with the 114.00 handle. The trigger for a resumption of the uptrend is 114.70, Oct 20 high. Tuesday's move lower resulted in a break of support at 113.00, the Oct 12 low. The breach of this support signals scope for a deeper pullback and opens 112.08, Sep 30 high. This short-term sell-off is still considered corrective and is allowing a recent overbought condition to unwind.

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