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Corrective Pullback

USDJPY TECHS
  • RES 4: 147.25 3.00 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 2: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 144.99/145.28 High Sep 7 2.618 proj of Aug 2 - 8 - 11 swing
  • PRICE: 142.40 @ 06:47 BST Sep 13
  • SUP 1: 141.51 Low Sep 9
  • SUP 2: 140.25 Low Sep 6
  • SUP 3: 139.75 20-day EMA
  • SUP 4: 137.13 50-day EMA

USDJPY continues to trade below recent highs. The uptrend is intact though and short-term weakness is considered corrective. This is allowing an overbought condition to unwind. Last week’s climb reinforces the primary uptrend and attention is on 145.00 where a break would also strengthen current conditions. This would open 145.28 and 146.03, Fibonacci projections. Firm trend support is 139.75, the 20-day EMA.

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