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Corrective Bounce Still In Play

USDJPY TECHS
  • RES 4: 137.96 High Jul 22
  • RES 3: 137.46 High Jul 27
  • RES 2: 137.11 Former channel support drawn from the Mar 4 low
  • RES 1: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • PRICE: 134.70 @ 18:14 BST Aug 8
  • 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 130.41, the Aug 2 low. Recent gains are - for now - considered corrective. A bearish theme was confirmed by the recent break lower that resulted in the breach of a number of important technical chart points. On Jul 28, a bull channel breakout, drawn from the Mar 4 low, signalled a reversal. Support at 131.50, the Jun 16 low has also been cleared. The next key resistance to watch is 137.11, the former channel base.

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  • RES 4: 137.96 High Jul 22
  • RES 3: 137.46 High Jul 27
  • RES 2: 137.11 Former channel support drawn from the Mar 4 low
  • RES 1: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • PRICE: 134.70 @ 18:14 BST Aug 8
  • 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 130.41, the Aug 2 low. Recent gains are - for now - considered corrective. A bearish theme was confirmed by the recent break lower that resulted in the breach of a number of important technical chart points. On Jul 28, a bull channel breakout, drawn from the Mar 4 low, signalled a reversal. Support at 131.50, the Jun 16 low has also been cleared. The next key resistance to watch is 137.11, the former channel base.