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USDJPY TECHS: Bear Cycle Extends

USDJPY TECHS
  • 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: 157.35 @ 15:45 BST Jul 19
  • SUP 1: 155.38 Low Jul 18
  • SUP 2: 154.55 Low Jun 4   
  • SUP 3: 153.66 38.2% retracement of the Dec 28 ‘23 - Jul 3 bull run
  • SUP 4: 152.78 Low May 6 

USDJPY traded lower Wednesday, but has since regained some lost ground. Nonetheless, recent price action confirmed a resumption of the bear cycle that started Jul 3. Note too that Wednesday’s sell-off also confirms a clear breach of 158.75, the trendline drawn from the Dec 28 low last year. This break highlights a potential reversal and signals scope for a deeper retracement, towards 154.55 next, the Jun 4 low. Initial firm resistance is seen at 159.16, the 20-day EMA.    

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