August 14, 2024 05:57 GMT
Corrective Recovery
USDJPY TECHS
- RES 4: 153.66 50-day EMA
- RES 3: 150.36 20-day EMA
- RES 2: 149.77 High Aug 2
- RES 1: 148.22 High Aug 12
- PRICE: 146.98 @ 06:56 BST Aug 14
- SUP 1: 144.29 Low Aug 7
- 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
A bearish condition in USDJPY remains intact and the latest recovery appears to be a correction - for now. The recent impulsive sell-off has strengthened the trend condition. The move down signals scope for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the downtrend remains oversold, and the latest recovery - a correction - is allowing this set-up to unwind. Resistance to watch is 150.36, 20-day EMA.
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