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Free AccessCycle lows usher in fresh..........>
DOLLAR-YEN TECHS: Cycle lows usher in fresh bearish pressure:
*RES 4: 109.02 May 13 low
*RES 3: 108.80 High Jun 11
*RES 2: 108.42 Trendline resistance drawn off the Apr 24 high
*RES 1: 107.87/82 200-hma/Low Jun 5 and recent bear trigger
*PRICE: 107.47 @ 04:50 GMT June 26
*SUP 1: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
*SUP 2: 106.19 Bear channel base drawn off Apr 24 high
*SUP 3: 106.00 Round number support
*SUP 4: 104.87 Jan 3 low and major support
USDJPY printed a cycle low of 106.78 yesterday as risk-off flows dominated price
action across Asia-Pac hours. These mark the lowest USDJPY levels since the Jan
3 flash crash. Despite squeezing back above 107.00, recovery efforts have been
muted and for now, the downtrend remains in place. The focus is on the 76.4%
retracement at 106.65 where a break would open the bear channel base at 106.19.
107.82, the Jun 5 low and recent breakout level is 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.