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Clears Resistance

DOLLAR-YEN TECHS
  • RES 4: 107.05 Aug 13 high and a key resistance
  • RES 3: 106.76 Bear channel resistance drawn off the Mar 24 high
  • RES 2: 106.55 High Sep 3
  • RES 1: 106.38 High Sep 8
  • PRICE: 106.00 @ 17:03 BST Oct 7
  • SUP 1: 105.61 Low Oct 7
  • SUP 2: 104.94 Low Oct 2 and key near-term support
  • SUP 3: 104.41 Low Sep 22
  • SUP 4: 104.00 Low Sep 21 and the bear trigger

USDJPY rallied well Wednesday, breaching resistance at 105.80, Sep 30 high and 105.85, the 50-day EMA. The break higher marks an extension of the strong bounce off 104.94, Oct 2 low and also confirms a resumption of the recovery that has dominated since Sep 21. The break paves the way for a climb towards 106.38, Sep 8 high and 106.55, Sep 3 high. Bear channel resistance intersects at 106.76. Initial support is at today's 105.61 low.

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