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Starts The Week On A Softer Note

USDJPY TECHS
  • RES 4: 138.88 High Jul 21
  • RES 3: 137.96 High Jul 22
  • RES 2: 136.15/137.46 20-day EMA / High Jul 27
  • RES 1: 134.22/35.90 50-day EMA / Former channel support
  • PRICE: 132.52 @ 06:30 BST Aug 1
  • SUP 1: 132.07 Intraday low
  • SUP 2: 131.50 Low Jun 16 and a key support
  • SUP 3: 130.00 Round number support
  • SUP 4: 129.51 Low Jun 2

USDJPY has started the week on a softer note. The outlook remains bearish following last week’s move lower. The pair cleared a key support at 135.50, the base of a bull channel drawn from the Mar 4 low. The break strengthened bearish conditions and resulted in a move below 134.26, the Jun 23 low. Attention is on 131.50, the Jun 16 low. Key short-term resistance has been defined at 137.46, the Jul 27 high.

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