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Corrective Bounce

USDJPY TECHS
  • RES 4: 154.52 50-day EMA
  • RES 3: 151.57 20-day EMA
  • RES 2: 149.77 High Aug 2
  • RES 1: 147.90 High Aug 7
  • PRICE: 146.94 @ 06:41 BST Aug 9
  • SUP 1: 141.70/140.82 Low Aug 5 / Low Jan 2
  • SUP 2: 140.25 Low Low Dec 28 ‘23 and a key support
  • SUP 3: 140.00 Psychological round number
  • SUP 4: 138.07 Low Dec 28

USDJPY remains bearish and the recent impulsive sell-off has reinforced this condition. The move down paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the bear trend remains in an extreme oversold condition, and the latest recovery - a correction - is allowing this condition to unwind. Initial firm resistance is seen at 151.57, the 20-day EMA. The bear trigger is 141.70, the Aug 5 low.

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