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Approaching Key Support

DOLLAR-YEN TECHS
  • RES 4: 106.95/107.05 High Aug 28 and Aug 13 and the bull trigger
  • RES 3: 106.55 High Sep 3
  • RES 2: 105.81 20-day EMA
  • RES 1: 105.17 High Sep 17
  • PRICE: 104.43 @ 17:02 BST Sep 18
  • SUP 1: 104.26 1.382 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 2: 104.19 Low Jul 31 and a major support
  • SUP 3: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 4: 104.00 Round number support

USDJPY continues to weaken. A bearish theme dominates following a sharp reversal on Aug 28 and this week's selling pressure. The pair has cleared support at 105.20/10, Aug 28 and 19 low respectively and the recent near-term bear triggers. This strengthens the bearish case and reinforces recent bearish price patterns. The focus is on 104.19, Jul 31 low. Initial firm resistance is at 105.81, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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