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Corrective Pullback

  • RES 4: 148.60 2.236 projection of the Jul 14 - 21 - 28 price swing
  • RES 3: 148.40 High Nov 4 2022
  • RES 2: 147.49 2.00 projection of the Jul 14 - 21 - 28 price swing
  • RES 1: 147.37 High Aug 29 and the bull trigger
  • PRICE: 145.56 @ 06:29 BST Sep 1
  • SUP 1: 145.06 20-day EMA
  • SUP 2: 144.54 Low Aug 23
  • SUP 3: 143.22 50-day EMA
  • SUP 4: 141.52 Low Aug 7

USDJPY has pulled back from its recent highs - the move lower is considered corrective. The uptrend remains intact and this week’s fresh cycle high has reinforced bullish conditions. The focus is on 147.49, a Fibonacci projection. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies remain in a bull mode condition, reflecting current positive market sentiment. The first key support to watch lies at 145.06, the 20-day EMA.

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