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Free AccessBack below 106.00: *RES 4:.........>
DOLLAR-YEN TECHS: Back below 106.00:
*RES 4: 107.57 High Aug 2
*RES 3: 106.98 High Aug 13 and key resistance
*RES 2: 106.74 Aug 23 high and recent congestion area
*RES 1: 106.41 High Aug 26
*PRICE: 105.66 @ 04:02 GMT Aug 27
*SUP 1: 104.46 Low Aug 26 and YTD low
*SUP 2: 104.00 Psychological round number
*SUP 3: 103.66 76.4% retracement of the Jun - Dec, 2016 rally
*SUP 4: 102.71 1.00 projection of Aug 1 - Aug 12 decline from Aug 13 high
Having touched a fresh YTD low of 104.46 Monday, USDJPY staged an impressive
bounce yesterday however, it has again been on the offer overnight in Asia. This
recent price action proves downside momentum may be erratic going forward.
Bearish trend conditions however remain in place and the recent failure ahead of
the 107.00 level continues to weigh on the pair. Risk remains for a break of
104.46 that would open 104.00 and the 103.66 retracement.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.