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Oversold Condition Unwinds

USDJPY TECHS
  • RES 4: 153.93 50-day EMA
  • RES 3: 150.73 20-day EMA
  • RES 2: 149.77 High Aug 2
  • RES 1: 148.22 High Aug 12
  • PRICE: 147.74 @ 06:37 BST Aug 13
  • SUP 1: 144.29 Low Aug 7
  • SUP 2: 141.70/140.82 Low Aug 5 and the bear trigger / Low Jan 2
  • SUP 3: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 4: 138.07 Low Dec 28

USDJPY remains bearish and the recent impulsive sell-off has strengthened the trend condition. The move down signals scope for an extension towards the next key support at 140.25, Dec 28 ‘23 low. Note that the bear cycle remains in an extreme oversold condition, and the latest recovery - a correction - is allowing this set-up to unwind. Initial firm resistance is seen at 150.73, the 20-day EMA. The bear trigger is 141.70, the Aug 5 low.

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