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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: 153.37 @ 15:37 BST Jul 24
  • SUP 1: 153.13 Low Jul 18
  • SUP 2: 153.66 38.2% retracement of the Dec 28 ‘23 - Jul 3 bull run
  • SUP 3: 152.78 Low May 6, 2024
  • SUP 4: 152.44 3.0% 10-dma envelope

USDJPY extended losses further still on Wednesday, retaining focus to downside. This confirms an extension of the bear cycle that started Jul 3. With the trendline drawn from the Dec 28 low last year having broken, the potential for a further reversal opens the May 6 low at 152.78. Wednesday’s move confirms a technically oversold signal from the 14-day RSI, which may suggest a consolidative phase ahead. 

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