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Bearish Threat Still 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: 134.05/35.58 50-day EMA / High Aug 8
  • PRICE: 133.65 @ 16:03 BST Aug 12
  • 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 traded sharply lower Wednesday and only managed to stage a minor bounce into the Friday close. This highlights a possible 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 signalled a reversal. A resumption of weakness would expose 130.41, the Aug 2 low and the bear trigger. Firm resistance has been defined at 135.58, the Aug 8 high.

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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: 134.05/35.58 50-day EMA / High Aug 8
  • PRICE: 133.65 @ 16:03 BST Aug 12
  • 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 traded sharply lower Wednesday and only managed to stage a minor bounce into the Friday close. This highlights a possible 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 signalled a reversal. A resumption of weakness would expose 130.41, the Aug 2 low and the bear trigger. Firm resistance has been defined at 135.58, the Aug 8 high.