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Free AccessCycle lows usher in fresh..........>
DOLLAR-YEN TECHS: Cycle lows usher in fresh bearish pressure:
*RES 3: 108.42 Trendline resistance drawn off the Apr 24 high
*RES 2: 107.94/82 200-hma/Low Jun 5 and recent bear trigger
*RES 1: 107.54/44 Jun 24 high/100-hma
*PRICE: 106.94 @ 15:52 GMT June 25
*SUP 1: 106.78/65 Intraday low/76.4% of the Jan 3-Apr 24 rally
*SUP 2: 106.28 Bear channel base drawn off Apr 24 high
*SUP 3: 106.00 Round number support
Risk-off flows dominated price action across Asia-Pac hours to prompt the pair
to print a cycle low of 106.78, its lowest levels since the Jan 3 flash crash.
Despite squeezing back above 107.00, recovery efforts have so far held shallow
and keeps the downtrend intact. Bears immediate focus turns to the 76.4%
retracement at 106.65, a break opens the bear channel base at 106.28 which also
represents a near-term objective. 107.82, the Jun 5 low and recent breakout
level marks resistance.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.