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Downdraft Dents Outlook

USDJPY TECHS
  • RES 4: 141.47 1.382 proj of the Jun 16 - 22 - 23 price swing
  • RES 3: 140.71 1.236 proj of the Jun 16 - 22 - 23 price swing
  • RES 2: 140.00 Psychological round number
  • RES 1: 139.48 1.00 proj of the Jun 16 - 22 - 23 price swing
  • PRICE: 136.14 @ 16:13 BST Jul 22
  • SUP 1: 135.57 Low Jul 14
  • SUP 2: 136.33 20-day EMA
  • SUP 3: 135.34/134.27 Low Jul 8 / Low Jun 23
  • SUP 4: 134.10 Bull channel base drawn from the Mar 4 low

USDJPY sank sharply Friday, taking out nearby support at the 20-day EMA of 136.33 to near the July 8 lows. This spells an end to the near-term uptrend, with prices now near 3% off the recent highs. This raises the risk of a corrective sell-off in the near-term, which would initially target 135.34 ahead of 134.27. Nonetheless, moving average trends remain decisively bullish, with the 100- and 200-dma spread widening this week. This keeps the upside focus on 139.39, the cycle high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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