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Pullbacks Remain Corrective Above Key Support

USDJPY TECHS
  • RES 4: 148.60 2.236 projection of the Jul 14 - 21 - 28 price swing
  • RES 3: 148.40 High Nov 4 2022
  • RES 2: 147.49 2.00 projection of the Jul 14 - 21 - 28 price swing
  • RES 1: 147.37 High Aug 29
  • PRICE: 145.97 @ 17:49 BST Aug 31
  • SUP 1: 145.01 20-day EMA
  • SUP 2: 144.54 Low Aug 23
  • SUP 3: 143.12 50-day EMA
  • SUP 4: 141.52 Low Aug 7

USDJPY edged lower through the London close, however pullbacks are considered corrective above the key support. The uptrend remains intact and Tuesday’s fresh cycle high reinforces bullish conditions. Attention is on 147.49, a Fibonacci projection and the next objective. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies are in a bull mode condition, reflecting current positive market sentiment. Support to watch lies at 145.01, the 20-day EMA.

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

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