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Free AccessBearish Pressure Persists *RES.....>
DOLLAR-YEN TECHS: Bearish Pressure Persists
*RES 4: 108.15/16 1.0% 10-dma envelope / High Jul 1 and the bull trigger
*RES 3: 107.79 High Jul 7
*RES 2: 107.53 High Jul 20
*RES 1: 106.90 Intraday high
*PRICE: 106.34 @ 10:40 BST Jul 24
*SUP 1: 106.07 Low Jun 23
*SUP 2: 105.99 Low May 6 and 7 and key support
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low Mar 13
USDJPY is weaker. Bearish pressure is likely to continue dominating near-term.
On Jun 10, support at 106.80, Jun 26 low was breached reinforcing a bearish
theme. The break has exposed key support at 106.07/105.99, Jun 23 low and May
6/7 low. Clearance of this area would represent an important bearish break. On
the upside, key short-term resistance is at 107.79, Jul 7 high. Initial firm
resistance though is 107.53. Jul 20 high.
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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.