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Impressive bounce: *RES 3:.........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Impressive bounce:
*RES 3: 106.98 High Aug 13 and key resistance
*RES 2: 106.74 Aug 23 high and recent congestion area
*RES 1: 106.41 Intraday high
*PRICE: 105.98 @ 15:47 GMT Aug 26
*SUP 1: 104.46 Intraday low and YTD low
*SUP 2: 104.00 Psychological round number
*SUP 3: 103.66 76.4% retracement of the Jun - Dec, 2016 rally
Having touched a fresh YTD low of 104.46 Monday, the pair staged an impressive
bounce to reclaim first 105.50 before trading either side of the 106 handle. The
bounce does little to break the primary downtrend, but proves downside momentum
may be erratic going forward. Bearish trend conditions remain in place and the
recent failure ahead of the 107.00 level is also weighing on the pair. Risk
remains for a move lower and a break of 104.46 would open 104.00 and the 103.66
retracement.

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