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Impulsive Bear Leg

DOLLAR-YEN TECHS
  • RES 4: 106.88/90 50-day EMA / High Jul 24
  • RES 3: 106.40 20-day EMA
  • RES 2: 105.69 High Jul 28
  • RES 1: 105.29 High Jul 30
  • PRICE: 104.27 @ 06:25 BST Jul 31
  • SUP 1: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 2: 103.09 Low Mar 12
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.19 Low Mar 9 and major support

USDJPY downside pressure has strengthened as an impulsive bearish phase takes hold. A bearish threat has dominated since the recent breach of key supports at 106.07, Jun 23 low and 105.99, May 6 and 7 low. 105.21, 61.8% of the Mar 9 - 24 rally has been achieved, opening 103.67 next, the 76.4% retracement handle. A break would open 103.09, the Mar 12 low. On the upside, initial firm resistance is at 105.29.

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