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Impulsive Bear Wave Extends

USDJPY TECHS
  • 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: 138.25 @ 17:02 BST Jul 12
  • SUP 1: 138.16 Low Jul 12
  • SUP 2: 137.47 4.0% 10-dma envelope
  • SUP 3: 137.36 50.0% retracement of the Mar 24 - Jun 30 bull leg
  • SUP 4: 136.31 Low May 17

USDJPY cemented a bearish tone and traded lower again Wednesday 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 support at 137.47, the 4.0% 10-dma envelope - not crossed since 2020. Initial firm resistance is at 140.34, the 50-day EMA.

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