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Bearish Focus

USDJPY TECHS
  • RES 4: 137.27 76.4% retracement of the Jul 14 - Aug 2 downleg
  • RES 3: 136.58 High Jul 28
  • RES 2: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • RES 1: 135.48 High Aug 17
  • PRICE: 134.12 @ 15:59 BST Aug 17
  • SUP 1: 132.56/31.74 Low Aug 15 / Low Aug 11
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY traded higher still Wednesday, extending the bounce off Monday’s Y132.56 low. Firm short-term resistance remains at 135.58, the Aug 8 high. The Aug 10 sell-off continues to highlight a reversal of the recent Aug 2 - 8 correction. A broader bearish theme remains in place following the Jul 28 bull channel breakout. The channel is drawn from the Mar 4 low. A resumption of weakness would open 130.41, the Aug 2 low and the bear trigger.

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  • RES 4: 137.27 76.4% retracement of the Jul 14 - Aug 2 downleg
  • RES 3: 136.58 High Jul 28
  • RES 2: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • RES 1: 135.48 High Aug 17
  • PRICE: 134.12 @ 15:59 BST Aug 17
  • SUP 1: 132.56/31.74 Low Aug 15 / Low Aug 11
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY traded higher still Wednesday, extending the bounce off Monday’s Y132.56 low. Firm short-term resistance remains at 135.58, the Aug 8 high. The Aug 10 sell-off continues to highlight a reversal of the recent Aug 2 - 8 correction. A broader bearish theme remains in place following the Jul 28 bull channel breakout. The channel is drawn from the Mar 4 low. A resumption of weakness would open 130.41, the Aug 2 low and the bear trigger.