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Impulsive Bear Wave Extends

  • RES 4: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 145.07 High Jun 30 and the bull trigger
  • RES 2: 144.20 High Jul 7
  • RES 1: 140.34/143.01 50-day EMA / Monday’s high
  • PRICE: 139.57 @ 06:37 BST Jul 12
  • SUP 1: 139.18 38.2% retracement of the Mar 24 - Jun 30 bull leg
  • SUP 2: 138.76 Low Jun 9
  • SUP 3: 138.45 Low Jun 9
  • SUP 4: 137.36 50.0% retracement of the Mar 24 - Jun 30 bull leg

USDJPY maintains a bearish tone and the pair is trading lower again today as it extends the bear cycle that started Jun 30. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is again inside the bull channel drawn from the Jan 16 low. The move signals scope for an extension towards 139.18 next, a Fibonacci retracement. Initial resistance is at 140.34, the 50-day EMA.

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