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EQUITIES

Muted Open, S&P Futures Parameters Unchanged

OPTIONS

Larger FX Option Pipeline

COMMODITIES

Oil Moderating, Futures Curve Still Strong

GLOBAL POLITICAL RISK

EU, France Ease Up On Vaccine IP After US States Support

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.