July 18, 2024 07:31 GMT
USDJPY Trendline Support Breached
The latest sell-off in USDJPY confirms a resumption of the bear cycle that started Jul 3. Note too that this has resulted in a clear breach of the trendline drawn from the Dec 28 low last year. The break highlights a potential reversal and signals scope for a deeper retracement
- The latest sell-off in USDJPY confirms a resumption of the bear cycle that started Jul 3.
- Note too that this has resulted in a clear breach of the trendline drawn from the Dec 28 low last year.
- The break highlights a potential reversal and signals scope for a deeper retracement.
- Initial firm resistance is seen at the area around the 20-day EMA.
- Key resistance and the bull trigger is 161.95, the Jul 3 high.
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