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Move Lower Exposes Support

USDJPY TECHS
  • RES 4: 144.20 High Jul 7
  • RES 3: 143.22 76.4% retracement of the Jun 30 - Jul 14 downleg
  • RES 2: 142.93 Bull channel top drawn from the Jan 16 low
  • RES 1: 141.96 High Jul 21
  • PRICE: 140.48 @ 16:36 BST Jul 28
  • SUP 1: 138.07 Low Jul 28
  • SUP 2: 137.25 Low Jul 14 and key support
  • SUP 3: 136.31 Low May 17
  • SUP 4: 135.53 61.8% retracement of the Mar - Jun bull leg

USDJPY is trading in a volatile manner and further weakness marked an extension of the pullback from 141.96, the Jul 21 high. This exposes key short-term support at 137.25, the Jul 14 low. A breach of this level would cancel a recent bullish theme and instead signal scope for a deeper pullback, towards 135.53, a Fibonacci retracement. On the upside, clearance of 141.96 would reinstate a bull theme.

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