Japan first hit the 161 of the 2020 drop in January. It's traded range-bound in this area since then. These 161 levels have historically picked out the approximate high points in most market tops.
Our recent sell off has come right off the 161. In tops we often see small runs of the resistance levels and then perfect retests of these. Learn more about this here.
Dropping in, we can also see this move has come off the 76 retracement.
So while this has come with random news, this drop has come off a very foreseeable price level.
During the fall of Friday we broke through the 161 which would typically serve as support here.
Critical break here comes under the 127.
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