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Corrective Cycle

USDJPY TECHS
  • RES 4: 147.06 2.0% 10-dma envelope
  • RES 3: 146.12 76.4% Oct-Jan Downleg
  • RES 2: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 145.07 High Jun 30 and the bull trigger
  • PRICE: 143.74 @ 06:41 BST Jul 6
  • SUP 1: 142.73 20-day EMA
  • SUP 2: 142.14 Former bull channel top drawn from the Jan 16 high
  • SUP 3: 141.21 Low Jun 20
  • SUP 4: 139.85 Low Jun 16

USDJPY is trading lower and has breached Monday’s 143.99 low. The primary trend direction remains up and short-term weakness is considered corrective. Support to watch is 142.73, the 20-day EMA and 142.14, the former bull channel top. A break of 142.14 would signal scope for a deeper correction. The bull trigger has been defined at 145.07, the Jun 30 high. A break would resume the uptrend and open 145.66, a Fibonacci projection.

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