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USDJPY TECHS: Gains Considered Corrective

USDJPY TECHS
  • RES 4: 154.82 50-day EMA   
  • RES 3: 152.03 20-day EMA  
  • RES 2: 149.77 High Aug 2    
  • RES 1: 147.90 High Aug 7   
  • PRICE: 147.21 @ 15:55 BST Aug 8
  • SUP 1: 141.70/140.82 Low Aug 5 / Low Jan 2    
  • SUP 2: 140.25 Low Low Dec 28 ‘23 and a key support 
  • SUP 3: 140.00 Psychological round number 
  • SUP 4: 138.07 Low Dec 28   

USDJPY remains bearish and the recent impulsive sell-off has reinforced this condition. The move down paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the bear trend is in an extreme oversold condition, and the latest recovery - a correction - is allowing this condition to unwind. Initial firm resistance is seen at 152.03, the 20-day EMA.    

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