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USDJPY TECHS: Oversold But Remains In A Bear-Mode Condition

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 155.89 High Feb 3  
  • RES 3: 154.83 50-day EMA 
  • RES 2: 153.72 Low Jan 27   
  • RES 1: 152.89 High Jan 6       
  • PRICE: 151.87@ 07:04 GMT Feb 7
  • SUP 1: 150.96 Intraday low 
  • SUP 2: 149.69 Low Dec 9 
  • SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
  • SUP 4: 148.01 Low Oct 9 ‘24     

A bearish theme in USDJPY remains intact and this week’s move down reinforces current conditions. The sell-off expands the downside range, however, note that the pair has entered oversold territory. 151.06, 76.4% of the Dec 3 - Jan 10 bull leg, has been pierced. A clear break of it would open 149.69, the Dec 9 low. Firm resistance is seen at 154.83, the 50-day EMA. Gains would allow the oversold condition to unwind.

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  • RES 4: 155.89 High Feb 3  
  • RES 3: 154.83 50-day EMA 
  • RES 2: 153.72 Low Jan 27   
  • RES 1: 152.89 High Jan 6       
  • PRICE: 151.87@ 07:04 GMT Feb 7
  • SUP 1: 150.96 Intraday low 
  • SUP 2: 149.69 Low Dec 9 
  • SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
  • SUP 4: 148.01 Low Oct 9 ‘24     

A bearish theme in USDJPY remains intact and this week’s move down reinforces current conditions. The sell-off expands the downside range, however, note that the pair has entered oversold territory. 151.06, 76.4% of the Dec 3 - Jan 10 bull leg, has been pierced. A clear break of it would open 149.69, the Dec 9 low. Firm resistance is seen at 154.83, the 50-day EMA. Gains would allow the oversold condition to unwind.