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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Tests Key Short-Term Support

  • RES 4: 116.87 High Jan 11, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.52 High Nov 24 and the bull trigger
  • RES 1: 114.12 20-day EMA
  • PRICE: 113.06 @ 18:17 GMT Nov 30
  • SUP 1: 112.53 Low Nov 30
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.32 61.8% retracement of the Aug - Nov rally
  • SUP 4: 110.82 Low Oct 4

The USDJPY short-term bearish threat remains in place and the pair continues to trade lower. Tuesday's weakness saw prices test and show below key short-term support at 112.73, Nov 9 low before prices improved ahead of the close. A clear break would open 112.08 next, a recent breakout level. On the upside, initial resistance is seen at 114.12, the 20-day EMA. A break would ease the bearish threat. Key resistance though is at 115.52, the Nov 24 high.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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