September 12, 2024 18:14 GMT
USDJPY TECHS: Bears Remain In The Driver’s Seat
USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 149.39 High Aug 15 and a reversal trigger
- RES 3: 148.57 50-day EMA
- RES 2: 144.97/147.21 20-day EMA / High Sep 2
- RES 1: 143.71 High Sep 9
- PRICE: 142.44 @ 16:28 BST Sep 12
- SUP 1: 140.71 Low Sep 11
- SUP 2: 140.25 Low Dec 28 ‘23 and a key support
- SUP 3: 139.87 1.236 proj of the Aug 15 - 26 - Sep 3 price swing
- SUP 4: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing
USDJPY bears remain in the driver’s seat and the pair traded to a fresh cycle low Wednesday, before recovering. S/T gains are - for now - considered corrective. The move down has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 140.25, Dec 28 ‘23 low. Resistance is at 144.97, 20-day EMA.
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