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Greenback can decline further while below 113.55 resistance

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发表于 6 天前 | 显示全部楼层 |阅读模式
USD/JPY is having a pullback while it is trading in a bull trend.
Bears broke below the trendline (blue) and the 50-period simple moving average. USD/JPY is consolidating the recent decline below 113.55 (October 2 low) just above the 100-period simple moving average.
Failure to recapture 113.55 should lead to more decline in the short term. Targets to the downside can be seen near 113.00 figure and 112.55 (September 27 low). A breakout above 113.55 would invalidate the current bearish bias.
USD/JPY 4-hour chart


Spot rate:                         113.27
Relative change:              0.02%     
High:                                113.39
Low:                                 112.93

Main trend:               Bullish
Short-term trend:      Bearish

Resistance 1:    113.55 October 2 low
Resistance 2:    114.00 figure
Resistance 3:    114.80 November 2017 high
Resistance 4:    115.50 March 10, 2017 high

Support 1:    113.00 figure
Support 2:    112.55 September 27 low
Support 3:    112.00-112.17 zone, figure and August 1 swing high
Support 4:    111.84 August 29 swing high

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