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Trading Just Below The Trend High

USDJPY TECHS
  • RES 4: 151.95 High Oct 21 and a major resistance
  • RES 3: 151.09 2.764 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 150.40 2.618 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 150.16 High Oct 3 and the bull trigger
  • PRICE: 149.86 @ 06:56 BST Oct 20
  • SUP 1: 149.08/147.43 20-day EMA / Low Oct 3 and key support
  • SUP 2: 146.44 Low Sep 12
  • SUP 3: 145.91 Low Sep 11
  • SUP 4: 144.45 Low Sep 1

USDJPY continues to trade in a tight range just below its recent trend highs. The outlook is bullish and moving average studies continue to highlight positive market sentiment. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a Fibonacci projection. On the downside, a breach of 147.43, Oct 3 low, would be an important bearish development.

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