Bounce from new nearly six-month low at 104.00 (following false break below key support at 104.18), shows signs of stall.

Three-day rally was repeatedly capped by daily Kijun-sen (105.47), with fresh weakness in early Thursday’s trading, generating initial signals of reversal.

Daily moving averages are in negative setup and momentum remains weak, supporting the notion.

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Fresh weakness pressures initial support at 105.17 (10DMA) and look for break below pivotal support at 104.92 (Fibo 38.2% of 104.00/105.49) that would confirm reversal.

Persisting risk aversion on worries over global economic keep safe-haven yen well supported.

Res: 105.47, 105.60, 105.75, 105.94
Sup: 105.00, 104.92, 104.74, 104.57


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