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Settles South of Y140

USDJPY TECHS
  • RES 4: 147.57 High Nov 7
  • RES 3: 146.93 High Nov 8
  • RES 2: 144.75 50-day EMA
  • RES 1: 142.148/143.40 Intraday high / 50.0% of the Nov 10 range
  • PRICE: 139.27 @ 15:48 GMT Nov 11
  • SUP 1: 138.78 Low Nov 11
  • SUP 2: 138.64 61.8% retracement of the Aug 2 - Oct 21 bull leg
  • SUP 3: 138.05 Low Aug 30
  • SUP 4: 137.37 Low Aug 29

The sharp sell-off Thursday extended into the Friday close with the pair settling below Y140 through the London close. The sharp post-CPI downtick continues to weigh on sentiment and confirmed a continuation of the current bear cycle that is unwinding a more recent overbought condition. The longer-term trend, however, remains bullish. Support at 140.36, the Sep 22 intervention low has been cleared. This opens 138.64 next, a Fibonacci retracement. Initial firm resistance is seen at 144.75, the 50-day EMA.

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  • RES 4: 147.57 High Nov 7
  • RES 3: 146.93 High Nov 8
  • RES 2: 144.75 50-day EMA
  • RES 1: 142.148/143.40 Intraday high / 50.0% of the Nov 10 range
  • PRICE: 139.27 @ 15:48 GMT Nov 11
  • SUP 1: 138.78 Low Nov 11
  • SUP 2: 138.64 61.8% retracement of the Aug 2 - Oct 21 bull leg
  • SUP 3: 138.05 Low Aug 30
  • SUP 4: 137.37 Low Aug 29

The sharp sell-off Thursday extended into the Friday close with the pair settling below Y140 through the London close. The sharp post-CPI downtick continues to weigh on sentiment and confirmed a continuation of the current bear cycle that is unwinding a more recent overbought condition. The longer-term trend, however, remains bullish. Support at 140.36, the Sep 22 intervention low has been cleared. This opens 138.64 next, a Fibonacci retracement. Initial firm resistance is seen at 144.75, the 50-day EMA.