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50-dma Caps, Outlook Remains Bullish Though

DOLLAR-YEN TECHS
  • RES 4: 107.07 100-dma
  • RES 3: 107.05 High Aug 13 and the bull trigger
  • RES 2: 106.68 High Aug 17
  • RES 1: 106.56/58 100-dma / High Aug 25
  • PRICE: 105.96 @ 06:06 BST Aug 27
  • SUP 1: 105.44 Low Aug 21
  • SUP 2: 105.10 Low Aug 19 and the intraday bear trigger
  • SUP 3: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 4: 104.19 Low Jul 31 and a major support

USDJPY has found resistance at 106.58, just above the 50-dma that has proved decent resistance this week. The recent move higher though reinforces a bullish tone following the Aug 19 bounce. The price pattern on this day is a bullish engulfing reversal and suggests a base has been established at 105.10. An extension higher would open the 107.05 key resistance, Aug 13 high. Sub 105.10 levels however would expose 104.19.

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