Wednesday, November 18, 2015


USDJPY TECHNICALS:
Bulls Focused On Channel Top

*RES 4: Y124.97 Rising daily channel top
*RES 3: Y124.20 Bollinger band top
*RES 2: Y124.17 High Aug 20
*RES 1: Y123.76 High Nov 18

*PRICE: Y123.28 @ 0530GMT

*SUP 1: Y123.10 Hourly support Nov 19
*SUP 2: Y122.90 Hourly support Nov 16
*SUP 3: Y122.64 Rising daily channel base
 *SUP 4: Y122.21 Low Nov 16

*COMMENTARY: The bounce from last week's low and from ahead of the rising daily channel base has resulted in fresh 3 month highs with bulls remaining focused on the rising daily channel top around Y124.97. The Y122.90 support remains key with bears needing a close below to ease bullish pressure and shift immediate focus back to the channel base around Y122.64. Overall a close below the 200-DMA (Y121.34) is needed to target a deeper correction.