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Clears Channel Support

USDJPY TECHS
  • RES 4: 140.71 1.236 proj of the Jun 16 - 22 - 23 price swing
  • RES 3: 140.00 Psychological round number
  • RES 2: 137.96/39.39 High Jul 22 / 14 and the bull trigger
  • RES 1: 136.58/137.46 Intraday high / High Jul 27
  • PRICE: 134.43 @ 16:33 BST Jul 28
  • SUP 1: 134.35 Low Jul 28
  • SUP 2: 134.26/27 50-day EMA / Low Jun 23 and a key support
  • SUP 3: 132.17 Low Jun 17
  • SUP 4: 131.50 Low Jun 16

USDJPY traded sharply lower Thursday. The pair has cleared an important support at 135.50, the base of a bull channel drawn from the Mar 4 low. The breach of this channel base strengthens current bearish conditions and signals scope for a deeper pullback. Sights are on 134.27, the Jun 23 low. Initial firm resistance to watch is Wednesday’s 137.46 high. A break of this level would ease the current bearish threat.

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