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USDJPY TECHS: Trend Needle Points South

USDJPY TECHS
  • RES 4: 155.59 50-day EMA   
  • RES 3: 153.4620-day EMA  
  • RES 2: 149.77 High Aug 2    
  • RES 1: 146.66 High Aug 5   
  • PRICE: 145.06 @ 16:36 BST Aug 6
  • 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 last week’s sell-off, plus Monday’s impulsive move lower, reinforces this condition. This paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the pair is in an extreme oversold condition, however a clear reversal pattern / signal in price is required to highlight a change in direction. Initial resistance is seen at 146.66, the Aug 5 high.    

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