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USDJPY TECHS: Corrective Phase Still In Play

USDJPY TECHS
  • RES 4: 153.41 50-day EMA   
  • RES 3: 150.07 20-day EMA  
  • RES 2: 149.77 High Aug 2    
  • RES 1: 149.32 High Aug 15   
  • PRICE: 148.95 @ 16:42 BST Aug 15
  • SUP 1: 144.29 Low Aug 7    
  • SUP 2: 141.70/140.82 Low Aug 5 and the bear trigger / Low Jan 2
  • SUP 3: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 4: 138.07 Low Dec 28   

USDJPY rallied into the Thursday close on the back of firm post-data USD strength. Overall, the bearish condition remains intact, leaving the latest recovery as corrective in nature. The recent impulsive sell-off strengthened the trend condition. The move down signals scope for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the downtrend remains oversold, and the latest recovery is allowing this set-up to unwind. Resistance to watch is 150.07, 20-day EMA.

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