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Sharp Pullback Off 150.00

USDJPY TECHS
  • RES 4: 151.95 High Oct 21 and a major resistance
  • RES 3: 151.09 2.764 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 150.40 2.618 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 150.16 High Oct 3
  • PRICE: 149.25 @ 06:49 BST Oct 3
  • SUP 1: 147.43/32 Low / Low Sep 21
  • SUP 2: 146.44 Low Sep 12
  • SUP 3: 146.14 50-day EMA
  • SUP 4: 145.91 Low Sep 11

USDJPY trended higher into US hours, hitting a new cycle best at Y150.16 before a sharp reversal tipped prices lower, raising speculation of BoJ intervention as prices fell to 147.43. The recovery off the intraday low, however, is bullish and this week’s fresh trend high reinforces current conditions. Moving average studies remain in a bull mode position, highlighting the market's positive sentiment. Another break of the Y150 barrier would reinforce bullish conditions and open 150.40, a Fibonacci projection. On the downside, initial firm support lies at 148.15, the 20-day EMA.

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