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Stalled At Yesterday's High

USDJPY TECHS
  • RES 4: 106.11 High Oct 7
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 105.20 76.4% retracement of the Nov 11 - 18 sell-off
  • RES 1: 104.76 High Nov 4 and key S/T resistance
  • PRICE: 104.11 @ 11:04 GMT Dec 11
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.75 1.00 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 4: 102.02 Low Mar 10

USDJPY stalled at yesterday's high of 104.58. The outlook remains bearish. Recent price action has defined 103.65, Nov 18 low and 104.76, Nov 4 high as key S/T directional triggers. Clearance of 103.65 would signal scope for deeper losses and expose the bear trigger at 103.18, Nov 6 low. Recent attention has been on the Nov 9 price action, a bullish engulfing candle that signals a reversal. Gains above 104.76, Nov 4 high would open 105.68.

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