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Has Pierced Key Trendline Support

USDJPY TECHS
  • RES 4: 164.44 2.0% 10-dma envelope
  • RES 3: 163.36 2.00 proj of the May 3 - 14 - 16 price swing
  • RES 2: 162.21 1.764 proj of the May 3 - 14 - 16 price swing
  • RES 1: 159.95/161.95 20-day EMA / High Jul 3 and the bull trigger
  • PRICE: 158.99 @ 06:55 BST Jul 12
  • SUP 1: 157.44 Low Jul 11
  • SUP 2: 156.83 38.2% retracement of the Dec 28 ‘23 - Jul 3 bull run
  • SUP 3: 155.72 Low Jun 12
  • SUP 4: 154.55 Low Jun 4

USDJPY traded sharply lower Thursday. The pair has breached the 20-day EMA and this exposed the next important support at 158.24, the trendline drawn from the Dec 28 low last year. The line has been pierced, a clear break is required to highlight a potential reversal. This would open 156.83, a Fibonacci retracement. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 161.95, the Jul 3 high.

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