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Free AccessBearish Risk Still Present.........>
DOLLAR-YEN TECHS: Bearish Risk Still Present Despite Recovery
*RES 4: 109.85 High Jun 5 and key resistance
*RES 3: 108.54 High Jun 9
*RES 2: 108.20 1.0% 10-dma envelope
*RES 1: 108.16 Intraday high
*PRICE: 107.53 @ 10:43 BST Jul 1
*SUP 1: 106.80 Low Jun 26
*SUP 2: 106.07 Low Jun 23 and the intraday bear trigger
*SUP 3: 105.99 Low May 6 and 7 and key support
*SUP 4: 105.81 Low Mar 17
USDJPY has this week traded through resistance at 107.64, Jun 16 high. A bearish
focus has been in place following last week's breach of support at 106.58, Jun
11 low. This confirmed a resumption of the sell-off from Jun 5. Although this
week's breach of 107.64 is a bullish development, a bearish threat is still
present. Attention is on the key support at 105.99, May 6 and 7 low. On the
upside, further gains if seen would open 108.54, Jun 9 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.