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Bearish Risk Still Present

DOLLAR-YEN TECHS
  • RES 4: 107.53 High Jul 20
  • RES 3: 107.36 Trendline resistance drawn off the Mar 24 high
  • RES 2: 106.95/107.05 High Aug 28 and Aug 13 and the bull trigger
  • RES 1: 106.55 High Sep 3
  • PRICE: 106.02 @ 10:34 BST Sep 14
  • SUP 1: 105.80 Low Sep 9
  • SUP 2: 105.20/10 Low Aug 28 / and the bear trigger
  • SUP 3: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 4: 104.19 Low Jul 31 and a major support

USDJPY is bearish. Recent gains stalled at 106.55, Sep 3 high signalling the final phase of a correction higher. The pattern on Sep 3 was a doji candle, a reversal pattern. An underlying bearish theme still dominates following the Aug 28 sell-off. The move lower that day confirmed a bearish pattern too, an engulfing candle that highlights a threat to bulls exposing 105.10, Aug 19 low. A break would open 104.19, Jul 31 low. Key resistance is 106.95/107.05.

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