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USDJPY is verifying our Trading View

Wednesday, October 11, 2017 8:08 AM GMT

The pair is retracing back and is forming a major top as we mentioned in our recent post. It bounced on 21 EMA yesterday (intraday buying opportunity) however it is still under selling pressure as testing 5 EMA from below. Heading to the hourly TF, the pair is moving below 200 SMA and confirms the bearish intraday momentum. In addition, it tested the broken channel, which is another negative indication. If price closes below the SWL then activated a Fibonacci extension level at 161.8%. If price moves above 112.75, it will negate the bearish intraday outlook.

Supports: 111.478 – 109.535 – 107.304

Resistances: 113.573 – 114.543

Daily

Hourly

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