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Support Zone Remains Intact

USDJPY TECHS
  • RES 4: 116.08 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.51 High Mar 10, 2017
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.70/73 High Oct 20 / High Nov 6, 2017
  • PRICE: 113.59@ 06:21 GMT Nov 8
  • SUP 1: 113.44/00 20-day EMA / Low Oct 12
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

USDJPY traded lower Friday but remains in a consolidation mode. Attention is still on 113.44, the 20-day EMA (probed Friday) and 113.00, the Oct 12 low. A break of this support zone would signal scope for a deeper pullback and open 112.08, Sep 30 high. Any deeper short-term sell-off however would be considered corrective. Primary trend conditions remain bullish and the trigger for a resumption of the uptrend is 114.70, Oct 20 high.

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