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Pullback Hits Pause

USDJPY TECHS
  • RES 4: 144.20 High Jul 7
  • RES 3: 143.01 High Jul 10
  • RES 2: 141.68 20-day EMA
  • RES 1: 139.40/140.18 High Jul 17 / 50-day EMA
  • PRICE: 138.35 @ 08:37 BST Jul 18
  • SUP 1: 137.25 Low Jul 14
  • SUP 2: 136.57 4.0% 10-dma envelope
  • SUP 3: 136.31 Low May 17
  • SUP 4: 135.53 61.8% retracement of the Mar 24 - Jun 30 bull leg

The pullback in USDJPY paused to begin the week, warding price action away from entering a technically oversold condition. Despite the pause, the bear cycle that started Jun 30 is still underway. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is back inside the bull channel drawn from the Jan 16 low. A continuation lower would open 136.57, the lower band of a moving average envelope. Initial firm resistance is at 140.18, the 50-day EMA. A break of this average would ease bearish pressure.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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