• RES 4: 159.45 High Jul 12
• RES 3: 157.86 High Jul 19
• RES 2: 157.46 50-day EMA
• RES 1: 1155.99 High Jul 24
• PRICE: 153.63 @ 07:25 BST Jul 26
• SUP 1: 151.94 Low Jul 25
• SUP 2: 151.53 200-dma
• SUP 3: 151.10 50% retracement of the Dec 28 ‘23 - Jul 3 Upleg
• SUP 4: 150.81 Low Apr 5

A sharp sell-off this week in USDJPY reinforces the current bearish cycle and the pair is trading closer to its recent lows. The move down signals scope for an extension towards 151.10, a Fibonacci retracement point. Note too that the 200-dma lies at 151.53. On the upside, key short-term resistance is seen at 157.46, the 50-day EMA. Clearance of this average would signal a potential reversal. The medium-term trend outlook remains bullish.