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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: 105.29 @ 16:54 BST Jul 27
  • SUP 1: 105.12 Intraday Low
  • 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 was under pressure throughout the Monday session. 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.
Monday'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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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