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USDJPY TECHS: Trend Needle Points South

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 148.57 50-day EMA 
  • RES 2: 144.97/147.21 20-day EMA / High Sep 2    
  • RES 1: 143.71 High Sep 9     
  • PRICE: 142.88 @ 06:53 BST Sep 12
  • SUP 1: 140.71 Low Sep 11     
  • SUP 2: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 3: 139.87 1.236 proj of the Aug 15 - 26 - Sep 3 price swing 
  • SUP 4: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing  

USDJPY bears remain in the driver’s seat and the pair traded to a fresh cycle low Wednesday, before recovering. S/T gains are - for now - considered corrective. The move down has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 140.25, Dec 28 ‘23 low. Resistance is at 145.24, 20-day EMA. 

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  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 148.57 50-day EMA 
  • RES 2: 144.97/147.21 20-day EMA / High Sep 2    
  • RES 1: 143.71 High Sep 9     
  • PRICE: 142.88 @ 06:53 BST Sep 12
  • SUP 1: 140.71 Low Sep 11     
  • SUP 2: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 3: 139.87 1.236 proj of the Aug 15 - 26 - Sep 3 price swing 
  • SUP 4: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing  

USDJPY bears remain in the driver’s seat and the pair traded to a fresh cycle low Wednesday, before recovering. S/T gains are - for now - considered corrective. The move down has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 140.25, Dec 28 ‘23 low. Resistance is at 145.24, 20-day EMA.