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Testing The Intervention Low

USDJPY TECHS
  • RES 4: 147.57 High Nov 7
  • RES 3: 146.93 High Nov 8
  • RES 2: 144.75 50-day EMA
  • RES 1: 143.40 50.0% retracement of the Nov 10 range
  • PRICE: 141.58 @ 06:36 GMT Nov 11
  • SUP 1: 140.36/21 Low Sep 22 - Intervention Low / Low Nov 10
  • SUP 2: 140.00 Psychological round number
  • SUP 3: 138.64 61.8% retracement of the Aug 2 - Oct 21 bull leg
  • SUP 4: 138.05 Low Aug 30

A sharp sell-off in USDJPY Thursday posted a daily range of over 500 pips. The break lower confirms a continuation of the current corrective cycle that continues to unwind a recent overbought condition in the longer-term bull trend. Support at 140.36, the Sep 22 intervention low has been pierced. A clear break of this level would open 138.64, a Fibonacci retracement. Initial firm resistance is seen at 144.75, the 50-day EMA.

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