August 22, 2024 05:30 GMT
USDJPY TECHS: MA Studies Remain In A Bear-Mode Position
USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletGlobalForeign Exchange BulletsRegionNorth America
- RES 4: 155.22 High Jul 30
- RES 3: 152.19 50-day EMA
- RES 2: 150.89 High Aug 1
- RES 1: 148.70 20-day EMA
- PRICE: 145.08 @ 06:29 BST Aug 22
- 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 continues to trade below the Aug 15 high, and firm resistance at the 20-day EMA is intact. The trend structure is bearish and MA studies remain in a bear-mode set-up. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Resistance to watch is 148.70, the 20-day EMA. A break would signal scope for a stronger correction.
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