USDJPY TECHS: Bear Cycle Accelerates

• RES 4: 162.21 1.764 proj of the May 3 - 14 - 16 price swing    
• RES 3: 161.95 High Jul 3 and the bull trigger
• RES 2: 159.16/160.26 20-day EMA / Low Jul 8 
• RES 1: 157.86 High Jul 19
• PRICE: 153.55 @ 15:40 BST Jul 25
• SUP 1: 151.94 Low Jul 25
• SUP 2: 151.54 200-dma
• SUP 3: 151.10 50% retracement Deb - Jul Upleg
• SUP 4: 150.81 Low Apr 5, 2024

USDJPY traded initially weaker Thursday, before a data triggered rally put the pair back into positive territory ahead of the close. Despite the recovery off lows, the outlook remains resolutely bearish, with the print below the 153.66 mark, the 38.2% retracement for the Dec - Jul upleg, the most notable break of support. The 200-dma trades in very close proximity and acts as support at 151.54. While this week’s move confirms a technically oversold signal from the 14-day RSI, momentum in the pair suggests there may not be a consolidative phase in the very near-term.