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Corrective Phase Extends

USDJPY TECHS
  • RES 4: 155.22 High Jul 30
  • RES 3: 153.25 50-day EMA
  • RES 2: 149.99 20-day EMA
  • RES 1: 149.32 High Aug 15
  • PRICE: 149.03 @ 06:35 BST Aug 16
  • SUP 1: 145.44 Low Aug 8
  • SUP 2: 141.70/140.82 Low Aug 5 and the bear trigger / Low Jan 2
  • SUP 3: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 4: 138.07 Low Dec 28

USDJPY rallied Thursday and the pair is holding on to its latest gains. Overall, the bearish condition remains intact, leaving the latest recovery as corrective in nature. Note that the downtrend remains oversold, and the latest recovery is allowing this set-up to unwind. Resistance to watch is 149.99, the 20-day EMA. A reversal lower would refocus attention on key support at 141.70, the Aug 5 low.

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