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USDJPY TECHS: Resistance At The 20-Day EMA Remains Intact

USDJPY TECHS
  • RES 4: 153.88 High Jul 31   
  • RES 3: 150.29 50-day EMA
  • RES 2: 149.39 High Aug 15     
  • RES 1: 146.85/147.21 20-day EMA / High Sep 2    
  • PRICE: 145.43 @ 15:36 BST Sep 3
  • SUP 1: 143.45 Low Aug 26    
  • 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 reversed the entirety of the Monday gains into the Tuesday close, falling sharply despite the brief print above the 20-day EMA at 146.85. Resistance at this EMA remains intact  - for now. The trend structure is bearish and MA studies are in a bear-mode set-up. A resumption of weakness would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a continuation of the downtrend. On the upside, a break of the 20-day EMA would signal scope for a stronger correction.     

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