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Extending Losses Post-Payrolls

USDJPY TECHS
  • RES 4: 147.16 2.0% 10-dma envelope
  • RES 3: 146.12 76.4% Oct-Jan Downleg
  • RES 2: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 145.07 High Jun 30 and the bull trigger
  • PRICE: 142.21 @ 16:04 BST Jul 7
  • SUP 1: 142.11 20-day EMA
  • SUP 2: 142.19 Former bull channel top drawn from the Jan 16 high
  • SUP 3: 141.21 Low Jun 20
  • SUP 4: 139.85 Low Jun 16

USDJPY traded sharply lower Friday, building on a post-payrolls sell-off. Support at the 142.86 20-day EMA and the 142.19 former bull channel top have both given way, signalling scope for a deeper correction. Over the longer-term, the primary trend direction remains up and short-term weakness is considered corrective - for now. The bull trigger has been defined at 145.07, the Jun 30 high. Clearance of this level would confirm a resumption of the uptrend and open 145.66, a Fibonacci projection.

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