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Short-Term Bear Cycle Still In Play

USDJPY TECHS
  • RES 4: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 157.99/158.44 High May 1 / HIgh Apr 26
  • RES 1: 156.28 High May 2
  • PRICE: 154.50 @ 06:33 BST May 7
  • SUP 1: 151.86 Low May 3
  • SUP 2: 151.41 Trendline support drawn from the Dec 28 low
  • SUP 3: 150.81 Low Apr 5
  • SUP 4: 150.21 50.0% retracement of the Dec 28 - Apr 29 bull cycle

USDJPY traded lower last Friday extending the volatile reversal that started Apr 29. A number of key short-term support levels have been cleared and the pair did trade through the 20- and 50 day EMAs. This exposes the next key support at 151.41, a trendline support drawn from the Dec 28 low. Clearance of this line would strengthen the short-term bearish threat. Initial resistance to watch is 156.28, the May 2 high. For now, gains appear to be a correction.

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