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Still Retracing Recent Gains

  • RES 4: 106.55 High Sep 3
  • RES 3: 106.11 High Oct 8
  • RES 2: 105.82 100 dma
  • RES 1: 105.68 High Nov 11 and the intraday bull trigger
  • PRICE: 104.56 @ 16:18 GMT Nov 16
  • SUP 1: 104.36 Low Nov 16
  • SUP 2: 103.77 76.4% retracement of the Nov 6 - 11 rally
  • SUP 3: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 4: 102.02 Low Mar 10

USDJPY is correcting the Nov 9 strong rally. The outlook though remains bullish. In candle terms, the Nov 9 price pattern is a bullish engulfing line highlighting a potential reversal. A break of 105.65, Nov 9 high, and briefly probed last week, would reinforce the bullish set-up and signal scope for a climb towards the 100-dma at 105.82 and the early October highs of 106.11. Initial support is seen at 104.36, Monday's intraday low.

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