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Pullback Considered Corrective

USDJPY TECHS
  • RES 4: 148.40 High Nov 4 2022
  • RES 3: 147.49 2.00 projection of the Jul 14 - 21 - 28 price swing
  • RES 2: 146.93 High Nov 8 2022
  • RES 1: 146.56 High Aug 17 and the bull trigger
  • PRICE: 145.68 @ 16:36 BST Aug 24
  • SUP 1: 144.54 Low Aug 23
  • SUP 2: 144.24 20 EMA
  • SUP 3: 143.00 Low Aug 9
  • SUP 4: 142.44 50-day EMA

The uptrend in USDJPY remains intact, with Wednesday’s weakness reversing through to the Thursday close. These short-term pullbacks are considered corrective. Last week’s gains resulted in a break of 145.07, the Jun 30 high. This confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. MA studies are in a bull mode condition, highlighting an uptrend. The focus is on 147.49, a Fibonacci projection. Support is at 144.24, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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