August 07, 2024 05:51 GMT
Trend Needle Points South
USDJPY TECHS
- RES 4: 155.15 50-day EMA
- RES 3: 152.59 20-day EMA
- RES 2: 149.77 High Aug 2
- RES 1: 147.90 Intraday high
- PRICE: 147.14@ 06:50 BST Aug 7
- SUP 1: 141.70/140.82 Low Aug 5 / Low Jan 2
- SUP 2: 140.25 Low Low Dec 28 ‘23 and a key support
- SUP 3: 140.00 Psychological round number
- SUP 4: 138.07 Low Dec 28
USDJPY remains bearish and last week’s sell-off, plus Monday’s impulsive move lower, reinforces this condition. This paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the pair is in an extreme oversold condition, and the latest recovery - a correction - is allowing this condition to unwind. Initial resistance is seen at 149.77, the Aug 2 high.
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