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   “¢   The pair extended this week’s retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Wednesday.

   “¢   The momentum dragged the pair to 1-1/2 week lows, with bears eyeing a test of near two-month-old ascending trend-channel support amid the prevalent risk-off mood.

   “¢   Bearish technical indicators on hourly charts point to further declines, though neutral oscillators on daily chart warrant some caution before placing any aggressive bearish bets.  

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel before confirming that the pair might have already topped out in the near-term.

   “¢   Below the mentioned support, the pair is likely to weaken further below the key 110.00 psychological mark and test its next support near the 109.60 horizontal zone.

   “¢   However, a sustained move beyond the 111.00 handle might negate the bearish outlook and assist the pair to aim towards challenging 100-day SMA, around mid-111.00s.

USD/JPY 4-hourly chart


       Today Last Price:  110.43
       Today Daily change:  -14  pips
       Today Daily change %:  -0.13%
       Today Daily Open:  110.57
       Daily SMA20:  110.23
       Daily SMA50:  109.83
       Daily SMA100:  111.4
       Daily SMA200:  111.31
       Previous Daily High:  111.1
       Previous Daily Low:  110.42
       Previous Weekly High:  110.96
       Previous Weekly Low:  110.42
       Previous Monthly High:  110
       Previous Monthly Low:  104.75
       Daily Fibonacci 38.2%:  110.68
       Daily Fibonacci 61.8%:  110.84
       Daily Pivot Point S1:  110.29
       Daily Pivot Point S2:  110.02
       Daily Pivot Point S3:  109.61
       Daily Pivot Point R1:  110.97
       Daily Pivot Point R2:  111.37
       Daily Pivot Point R3:  111.65