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Corrective Pullback Extends

USDJPY TECHS
  • 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: 146.25/147.37 High Aug 31 / 29 and the bull trigger
  • PRICE: 144.60 @ 13:41 BST Sep 1
  • SUP 1: 143.89 High Aug 3
  • SUP 2: 143.22 50-day EMA
  • SUP 3: 142.31 50.0% retracement of the Jul 14 - Aug 29 upleg
  • SUP 4: 141.52 Low Aug 7

USDJPY is trading lower today, extending the pullback from Tuesday's cycle high of 147.37. The move down is considered corrective, however, the break of support at the 20-day EMA suggests potential for a deeper retracement. This has opened the 50-day EMA, at 143.22. On the upside, key resistance and the bull trigger has been defined at 147.37. A resumption of gains and a break of 147.37, would confirm a resumption of the uptrend.

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