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Trend Needle Points North

  • 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: 149.47 @ 06:51 BST Oct 16
  • SUP 1: 148.74/147.43 20-day EMA / Low Oct 3
  • SUP 2: 147.03 50-day EMA
  • SUP 3: 145.91 Low Sep 11
  • SUP 4: 144.45 Low Sep 1

The USDJPY trend outlook remains bullish and the pair is trading closer to its recent trend highs. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of the 150.00 handle would reinforce bullish conditions and open 150.40, a Fibonacci projection. On the downside, clearance of 147.43, the Oct 3 low, would be a bearish development and signal scope for a deeper retracement.

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