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Free AccessBear Cycle Remains In Play
- RES 4: 144.20 High Jul 7
- RES 3: 1143.01 High Jul 10
- RES 2: 142.06 20-day EMA
- RES 1: 140.27 50-day EMA
- PRICE: 138.60 @ 06:40 BST Jul 13
- SUP 1: 138.08 Intraday low
- SUP 2: 137.36 50.0% retracement of the Mar 24 - Jun 30 bull leg
- SUP 3: 137.22 4.0% 10-dma envelope
- SUP 4: 136.31 Low May 17
USDJPY cemented a bearish tone Wednesday, trading lower and extending the bear cycle that started Jun 30. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is again inside the bull channel drawn from the Jan 16 low. The move signals scope for an extension towards 137.36, a Fibonacci retracement and 137.22, the 4.0% 10-dma envelope. Initial firm resistance is at 140.27, the 50-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.