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TECHS: USDJPY: Bearish Focus With Sights On 104.00

FOREX
  • RES 4: 106.11 High Oct 7 and the reversal trigger
  • RES 3: 105.85 High Oct 12
  • RES 2: 105.75 High Oct 20
  • RES 1: 105.34 High Nov 4, 50-day EMA and key S/T resistance
  • PRICE: 104.32 @ 06:01 GMT Nov 5
  • SUP 1: 104.03 Low Oct 29
  • 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 traded in a volatile manner yesterday, selling off sharply from the day high of 105.34. The outlook is bearish with attention on 104.00, 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 105.34 is required to undermine the bearish theme and would expose 105.75 instead, Oct 20 high.

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