Impulsive Sell-Off Extends

• RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
• RES 3: 151.43 High Nov 16
• RES 2: 150.89 High Feb 13 and bull trigger
• RES 1: 148.52/149.61 50- and 20-day EMA values
• PRICE: 147.90 @ 06:44 GMT Mar 8
• SUP 1: 146.83 38.2% retracement of the Dec 28 - Feb 13 bull cycle
• SUP 2: 145.90 Low Feb 1 and key support
• SUP 3: 145.57 50.0% retracement of the Dec 28 - Feb 13 bull cycle
• SUP 4: 144.88 Low Jan 15

A sharp sell-off in USDJPY Thursday highlights a reversal of the recent rally between Dec 28 - Feb 13. The pair is through support at the 50-day EMA - at 148.52 - and price is lower again today. The clear break of this average strengthens the current bearish cycle. Sights are on 146.83, a Fibonacci retracement. Clearance of this level would open 145.90, the Feb 1 low and a key support. Initial resistance to watch is at 148.52, the 50-day EMA.