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Pullback Considered Corrective

USDJPY TECHS
  • RES 4: 163.96 2.0% 10-dma envelope
  • RES 3: 163.36 2.00 proj of the May 3 - 14 - 16 price swing
  • RES 2: 162.21 1.764 proj of the May 3 - 14 - 16 price swing
  • RES 1: 161.95 High Jul 3
  • PRICE: 160.62 @ 06:47 BST Jul 8
  • SUP 1: 159.63 20-day EMA
  • SUP 2: 157.73 Trendline support drawn from Dec 28 low
  • SUP 3: 157.50 /154.55 50-day EMA / Low Jun 4
  • SUP 4: 153.60 Low May 16

The trend in USDJPY remains bullish and the latest move down is considered corrective. Moving average studies are in a bull mode position, highlighting a rising trend. The recent breach of 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 162.21, a Fibonacci projection. Support to watch is at the 20-day EMA, at 159.72.

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