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DOLLAR-YEN TECHS
  • RES 4: 106.41 Channel resistance drawn off Mar 24 high
  • RES 3: 106.11/38 High Oct 7 and the bull trigger / High Sep 8
  • RES 2: 105.73/75 50-dma / High Oct 20
  • RES 1: 105.04 Low Oct 4 and a recent breakout level
  • PRICE: 104.94 @ 10:48 BST Oct 21
  • SUP 1: 104.81 61.8% retracement of the Sep 21 - Oct 7 rally
  • SUP 2: 104.50 76.4% retracement of the Sep 21 - Oct 7 rally
  • SUP 3: 104.00 Low Sep 21 and the bear trigger
  • SUP 4: 10309 Low Mar 12

USDJPY is offered. The pair has continued to display a softer tone and today's sell-off reinforces this outlook. Price is testing the key short-term support at 104.94, Oct 2 low where a clear break would signal scope for a deeper sell-off and open 104.50, a retracement level and potentially the key 104.00 handle further out, Sep 21 low. On the upside, firm short-term resistance has been defined at 105.75.

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