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USDJPY TECHS: Heading South

USDJPY TECHS
  • RES 4: 149.61 50-day EMA  
  • RES 3: 149.39 High Aug 15
  • RES 2: 146.15/147.21 20-day EMA / High Sep 2    
  • RES 1: 144.23 High Sep 5     
  • PRICE: 142.45 @ 06:42 BST Sep 6
  • SUP 1: 141.70 Low Aug 5 and the bear trigger     
  • SUP 2: 140.82 Low Jan 2
  • SUP 3: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 4: 138.07 Low Dec 28   

USDJPY has traded lower this week and resistance around the 20-day EMA, at 146.15 today, remains intact. The trend condition is bearish, reinforced by moving average studies that are in a bear-mode position. A continuation lower would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the downtrend. For bulls, a clear break of the 20-day EMA would instead signal scope for a stronger correction.

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