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Bearish Extension

USDJPY TECHS
  • RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 3: 151.43 High Nov 16
  • RES 2: 150.89 High Feb 13 and bull trigger
  • RES 1: 149.77 20-day EMA
  • PRICE: 148.33 @ 06:38 GMT Mar 7
  • SUP 1: 147.63 Low Feb 7
  • SUP 2: 146.83 38.2% retracement of the Dec 28 - Feb 13 bull cycle
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.57 50.0% retracement of the Dec 28 - Feb 13 bull cycle

USDJPY is trading sharply lower this morning as it extends the short-term reversal from 150.89, the Feb 13 high. The pair has breached the 20-day EMA and is testing support at the 50-day EMA - at 148.54. A clear break of this average would strengthen the current bearish corrective cycle and open 147.63, the Feb 7 low. On the upside, initial resistance to watch is at 149.77, the 20-day EMA.

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