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TECHS: USDJPY: Bearish Focus

FOREX

RES 4: 105.85 High Oct 12

  • RES 3: 105.75 High Oct 20
  • RES 2: 105.37 50-day EMA
  • RES 1: 105.34 Intraday high
  • PRICE: 104.69 @ 10:38 GMT Nov 4
  • SUP 1: 104.37 Intraday low
  • SUP 2: 104.00 Low Sep 21 and the bear trigger
  • SUP 3: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 4: 103.09 Low Mar 12

USDJPY is off earlier highs. The outlook is bearish with attention on the key 104.00 handle, Sep 21 low. Clearance of this support would suggest scope for a deeper USD sell-off within the bear channel drawn off the Mar 24 high. Price is still trading above recent lows. A break above the overnight high though of 105.34 is required to undermine the bearish theme and expose 105.75 instead, Oct 20 high.

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