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Confirms Break Of Key Support Zone

DOLLAR-YEN TECHS
  • RES 4: 107.79 High Jul 7 and key resistance
  • RES 3: 107.53 High Jul 20
  • RES 2: 106.90 High Jul 24
  • RES 1: 106.16 Intraday high
  • PRICE: 105.40 @ 10:38 BST Jul 27
  • SUP 1: 105.21 61.8% retracement of the Mar 9 - 24 rally
  • SUP 2: 104.86 2.0% 10-dma envelope
  • SUP 3: 104.51 Low Mar 13
  • SUP 4: 103.67 76.4% retracement of the Mar 9 - 24 rally

USDJPY remains under pressure trading lower in Asia. Bearish pressure
is likely to continue dominating near-term. Friday's bearish session saw
the pair breach key supports at 106.07, Jun 23 low and 105.99, the May 6
and 7 low. Today's move lower has confirmed a clear break of this
support zone. This paves the way for a move towards 105.21 next, a
Fibonacci retrace level. Initial resistance is at 106.16.

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