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Approaching Major Support

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 105.69 20-day EMA
  • RES 2: 105.17 High Sep 17
  • RES 1: 104.87 High Sep 18
  • PRICE: 104.29 @ 05:59 BST Sep 21
  • 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 remains under pressure. A bearish theme dominates following a sharp reversal on Aug 28 and last week's resumption of selling pressure. The pair has recently cleared support at 105.20/10, Aug 28 and 19 low respectively and a recent bear trigger. This strengthens the bearish case and reinforces recent bearish price patterns. The focus is on major support at 104.19, Jul 311 low. Initial resistance is seen at Friday's 104.87 high.

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