USD/JPY
USD/JPY dips to three week low on Monday and hit Fibo 76.4% retracement of 141.68/149.40 corrective upleg, adding to signals that correction of larger downtrend is close to its end.
Strong drop last week (2.1%) completed a bearish engulfing pattern and registered weekly close below 100WMA (144.59), generating fresh bearish signal and setting scope for retest of 141.68 (August 4 low, the lowest since late December).
Bearish technical and fundamental studies contribute to growing signals that USDJPY may extend losses after completing correction.
Break of triggers at 141.68 and 140.48/25 (Fibo 61.8% of 127.22/161.95 / Dec 28 low) likely to spark fresh acceleration lower and dips below psychological 140 support.
Res: 144.58; 145.04; 146.27; 146.87.
Sup: 143.44; 142.58; 141.68; 140.48.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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