US DATA: Consumer Credit Growth Remains Subdued

• RES 4: 0.7310 1.00 proj of the Mar 30 - May 6 - Jun 30 price swing
• RES 3: 0.7278 High May 6 and key resistance
• RES 2: 0.7251 2.0% 10-dma envelope
• RES 1: 0.7225 High Sep 07
• PRICE: 0.7219 @ 16:50 BST Sep 07
• SUP 1: 0.7136 20-day EMA 
• SUP 2: 0.7084 50-day EMA  
• SUP 3: 0.7023 Low Aug 6 and 7 
• SUP 4: 0.6922 Low Jul 29  

A bull cycle in AUDUSD remains intact. The pair has started the week on a bullish note and a fresh cycle today reinforces current trend conditions. The move higher maintains the bullish price sequence of higher highs and higher lows. A continuation of the bull leg would pave the way for a climb towards 0.7278, the May 6 high and a key resistance. Key support to watch is the 50-day EMA at 0.7084.  First support lies at the 20-day EMA, at 0.7136.  

• RES 4: 187.47 High Jul 29 and a key resistance 
• RES 3: 186.02 High Aug 21 and S/T bull trigger 
• RES 2: 184.57 50-day EMA
• RES 1: 183.16 Low Aug 12 
• PRICE: 179.49 @ 07:19 BST Sep 07
• SUP 1: 179.23/37 Low Sep 07 / Aug 03 and key support
• SUP 2: 178.82 High Oct 30 2025
• SUP 3: 178.48 3.0% 10-dma envelope
• SUP 4: 177.98 Low Nov 11 2025  

A sharp pullback in EURJPY last week highlights a clear bearish threat and a potential reversal signal. The move down has exposed 179.23-37 as key support. Clearance of these levels would strengthen the bearish condition and highlight an important medium-term bearish development. Note that the short-term condition is oversold. Gains would be considered corrective and this would unwind the oversold position.

• RES 4: 161.28 Low Jul 10
• RES 3: 160.64 61.8% retracement of the Jul 23 - Aug 3 bear leg
• RES 2: 159.18/160.39 20-day EMA / High Sep 02
• RES 1: 158.03 Low Aug 20 
• PRICE: 154.37 @ 16:17 BST Sep 07
• SUP 1: 154.06 Low Sep 07 
• SUP 2: 154.00 Low Feb 23
• SUP 3: 153.55 3.0% 10-dma envelope
• SUP 4: 152.10 Low Jan 27 

USDJPY blew through key support to hit new pullback lows of 154.06 Monday. With key support out of the way, market focus shifts to whether downside momentum can be sustained from here, or if support into the 154.00 figure or vol-band based support into 153.55 can slow the price action. 152.10 marks both the year-to-date low as well as the last time the 3.0% 10-dma envelope was pierced - and coincided with a bottoming-out in prices.