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Clears Major Support

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 105.69 20-day EMA
  • RES 2: 105.10 Low Aug 19 and former breakout level
  • RES 1: 104.58 Intraday high
  • PRICE: 104.13 @ 10:52 BST Sep 21
  • SUP 1: 104.00 Intraday low
  • SUP 2: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 3: 103.51 1.764 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 4: 103.09 Low Mar 12

USDJPY has today cleared a major support at 104.19, Jul 31 low to confirm a resumption of last week's selling pressure. The break lower paves the way for weakness towards 103.80 next and 103.51, both Fibonacci projections. Note too that the Mar 12 low of 103.09 has also appeared on the radar. On the upside, initial resistance is seen 104.58, today's intraday high ahead of the more important 105.10 level, Aug 19 low and a former key breakout level.

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