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USDJPY TECHS: Reversal Signal

USDJPY TECHS
  • RES 4: 162.21 1.764 proj of the May 3 - 14 - 16 price swing    
  • RES 3: 161.95 High Jul 3 and the bull trigger
  • RES 2: 159.47/160.26 20-day EMA / Low Jul 8 
  • RES 1: 158.61 High Jul 17
  • PRICE: 156.43 @ 16:38 BST Jul 17
  • SUP 1: 156.10 Low Jul 17
  • SUP 2: 155.72 Low Jun 12    
  • SUP 3: 154.55 Low Jun 4 
  • SUP 4: 153.66 38.2% retracement of the Dec 28 ‘23 - Jul 3 bull run 

USDJPY traded lower Wednesday. The break lower confirms a resumption of the bear cycle that started Jul 3. Note too that Wednesday’s sell-off also confirms a clear breach of 158.62, the trendline drawn from the Dec 28 low last year. This break highlights a potential reversal and signals scope for a deeper retracement, towards 155.72 next, the Jun 2 low. Initial firm resistance is seen at 159.47, the 20-day EMA.    

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