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Bouncing Ahead of Key Support

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and the bull trigger
  • RES 3: 110.82 High Jul 7
  • RES 2: 110.80 High Aug 11
  • RES 1: 109.95 20-day EMA
  • PRICE: 109.64 @ 16:35 BST Aug 17
  • SUP 1: 109.11/108.72 Low Aug 16 / Low Aug 04
  • SUP 2: 108.56 Low May 25
  • SUP 3: 108.47/34 76.4% of the Apr 23 - Jul 2 rally / Low May 7
  • SUP 4: 108.08 Low Apr 27

USDJPY started the week on a softer note and attention has turned to the key support at 108.72, Aug 4 low. A breach of this level would strengthen a bearish case and expose the 108.47 Fibonacci retracement. For bulls, key near-term resistance has been defined at 110.80, Aug 11 high where a break would instead set the scene for a climb towards key resistance at 111.66, the Jul 2 high.

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