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Bearish Threat Remains Present

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: 134.02/35.58 50-day EMA / High Aug 8
  • PRICE: 133.04 @ 15:56 BST Aug 15
  • SUP 1: 131.74 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 firm resistance has been defined at 135.58, the Aug 8 high. The sell-off on Aug 10 highlights a reversal of the recent correction between Aug 2 - 8. A bearish theme remains in place following the Jul 28 bull channel breakout. The channel is drawn from the Mar 4 low and the break confirmed a bear condition. A deeper pullback would open 130.41, the Aug 2 low and the bear trigger.

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