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Corrective Bounce Extends

USDJPY TECHS
  • RES 4: 137.46 High Jul 27
  • RES 3: 136.50 Former channel support drawn from the Mar 4 low
  • RES 2: 135.32 20-day EMA
  • RES 1: 134.55 High Aug 3
  • PRICE: 134.09 @ 06:38 BST Aug 4
  • SUP 1: 132.29 Low Mar 8
  • 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 remains above support at 130.41, Tuesday’s low. Gains are - for now - considered corrective. Recent weakness has resulted in the break of a number of important technical chart points. A bull channel breakout, drawn from the Mar 4 low signals a short-term reversal. Support at 131.50, the Jun 16 low has also been cleared. A resumption of weakness would open 130.00. Initial resistance is at 135.32, the 20-day EMA.

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