USDJPY Daily Analysis - November 2, 2016 Forex Analysis

USDJPY broke below the upward trend line on 4-hour chart, indicating that the uptrend from 103.16 had completed at 105.53 already. Deeper decline to test 103.16 support could be expected, a breakdown below this level will signal completion of the longer term uptrend from 100.08 (Sep 27 low), then the following downward movement could bring price to 100.50 zone. On the upside, as long as 103.16 support holds, the price action from 104.63 would possibly be consolidation of the uptrend from 100.08, one more rise to 107.00 area is still possible.

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AUDUSD Daily Analysis - November 2, 2016 Forex Analysis

After touching the top of the price channel on 4-hour chart, AUDUSD pulled back from 0.7688, indicating that the pair remains in downtrend from 0.7734. Deeper decline would likely be seen and next target would be at 0.7500 area. Resistance is now at 0.7688, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - November 2, 2016 Forex Analysis

EURUSD's upward movement from 1.0851 extended to as high as 1.1069. Support is now at 1.1000, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.1200 area.

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