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USDJPY – Overall Bias Remains With Bulls But Mixed Technicals Show No Clear N/T Direction

The pair extended pullback after Friday’s rejection under daily cloud top at 114.80 and dipped to 113.56 (Fibo 38.2% of 111.67/114.73 upleg) so far.

Studies are mixed and show no clear direction in the near term. Initial support at 113.56 and next strong supports at 113.27 (converged 10/20/30 SMA’s in bullish setup) should contain dips and keep hopes of fresh attempts higher in play, with daily cloud twist on Wednesday, supporting the notion.

Conversely, loss of 113.56/27 supports would risk further easing towards 113.00 and 112.84 (Fibo 61.8% of 111.67/114.73), break of which would confirm reversal

Res: 114.11, 114.51, 114.73, 114.94
Sup: 113.56, 113.27, 113.00, 112.84

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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