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Bearish Impulsive Wave Extends

USDJPY TECHS
  • RES 4: 157.86 High Jul 19
  • RES 3: 156.44 50-day EMA
  • RES 2: 155.25 High Jul 30
  • RES 1: 150.89/151.94 High Aug 1 Low Jul 25
  • PRICE: 147.07 @ 13:46 BST Aug 2
  • SUP 1: 146.49 Low Mar 11
  • SUP 2: 145.90 Low Feb 1
  • SUP 3: 145.37 76.4% retracement of the Dec 28 ‘23 - Jul 3 upleg
  • SUP 4: Low Jan 12

USDJPY remains bearish and this week’s sell-off reinforces this condition. The move down confirms a resumption of the downtrend and price has traded through a key chart point at the 150.00 handle, reinforcing a bearish theme. 148.54, 61.8% of the Dec 28 ‘23 - Jul 3 upleg, has been cleared. This signals scope for an extension towards 145.37, a Fibonacci retracement. Initial resistance is 150.89, the Aug 1 high.

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