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Torches Support in Sizeable Drop

USDJPY TECHS
  • RES 4: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 152.30 High Jul 1990
  • RES 2: 151.95 High Oct 21 and the bull trigger
  • RES 1: 147.02/149.71 20-day EMA / High Oct 24
  • PRICE: 141.87 @ 16:31 GMT Nov 10
  • SUP 1: 141.18 50% Retracement Aug - Oct Upleg
  • SUP 2: 141.47 Low Nov 10
  • SUP 3: 140.74 100-DMA
  • SUP 4: 140.36 Low Sep 22 / Intervention Low

USDJPY fell sharply Thursday, posting a daily range of over 500 pips as soft US CPI put prices solidly below all nearby support. The intraday move puts the pair notably below the 144.91 50-day EMA to open next support at the 140.74 100-dma for direction. A deeper retracement opens losses toward the mid-September (and intervention-inspired) lows of 140.36. To stabilise the near-term outlook, bulls need a close above the 145.18 level to open any further recovery.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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