USDJPY TECHS: S/T Bull Cycle Intact For Now

• RES 4: 160.39 High Sep 2
• RES 3: 158.49 50-day EMA
• RES 2: 156.71 20-day EMA  
• RES 1: 155.24 High Sep 15
• PRICE: 155.12 @ 16:27 BST Sep 15
• SUP 1: 152.89 Low Sep 8  
• SUP 2: 152.10 Low Jan 27
• SUP 3: 151.94 50% retracement of the Apr 22 ‘25 - Jul 23 bull leg
• SUP 4: 151.63 1.00 projection of Jul 23 - Aug 3 - Sep 2 price swing 

The recent pause in USDJPY appears to be a flag formation - a bearish continuation pattern. If correct, it reinforces the bear theme. Last week’s breach of support at 155.23, the Aug 3 low and bear trigger, confirmed a resumption of the downtrend. Scope is seen for a move towards 151.94, the 50% retracement of the bull leg between Apr 22 ‘25 and Jul 23. Initial resistance to watch is 155.23, the Aug 3 low. 

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• RES 4: 0.8694 High Jun 22 
• RES 3: 0.8652 High Jun 26 
• RES 2: 0.8635 76.4% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8611 High Sep 14
• PRICE: 0.8561 @ 16:25 BST Sep 15
• SUP 1: 0.8545 Low Aug 24 
• SUP 2: 0.8532 Low Aug 12 and key S/T support  
• SUP 3: 0.8518/8455 Low Jul 22 / 15 and the bear trigger
• SUP 4: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing  

EURGBP has pulled back from Monday’s high. Initial firm support to watch is 0.8532, the Aug 12 low. A clear break of this level would signal a reversal of the corrective cycle that started mid-July. Note that medium-term trend signals continue to highlight a dominant downtrend. For bulls, Monday’s high of 0.8611 marks initial key resistance and a short-term bull trigger. A break of it would confirm a resumption of the recent bull leg.