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Still Retracing Lower

USDJPY TECHS
  • RES 4: 105.71 100-dma
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 105.16 High Nov 13
  • RES 1: 104.66 20-day EMA
  • PRICE: 103.78 @ 06:03 GMT Nov 19
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.04 Bear channel base drawn off the Mar 24 low
USDJPY continues to retrace the Nov 9 rally. The outlook is bullish though based on the Nov 9 price action. In candle terms, the price pattern on this day is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11 high would reinforce a bullish set-up trigger stronger gains exposing the 100-dma at 105.71 and the early October highs of 106.11. Key support is at 103.18, Nov 6 low. A break would reinstate a bearish theme.

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