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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: 148.03 @ 14:38 GMT Mar 7
  • SUP 1: 147.59 Intraday low
  • 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

A sharp sell-off in USDJPY today highlights a reversal of the recent rally between Dec 28 - Feb 13. The pair has breached the 20-day EMA and is through support at the 50-day EMA - at 148.54. The clear break of this average strengthens the current bearish cycle. Support at 147.63, the Feb 7 low, has been pierced. A clear break would open 146.83, a Fibonacci retracement. Initial resistance to watch is at 149.77, the 20-day EMA.

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