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SONIA FIX - 24/06/22

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Off Last Week's High *RES 4:.......>

DOLLAR-YEN TECHS: Off Last Week's High
*RES 4: 113.71 High Dec 13, 2018
*RES 3: 112.70 2.0% 10-dma envelope
*RES 2: 112.40 High Apr 24, 2019
*RES 1: 112.23 High Feb 20 and key resistance
*PRICE: 110.63 @ 10:38 GMT Feb 24
*SUP 1: 110.47 Low Feb 24
*SUP 2: 110.29 High Jan 17
*SUP 3: 109.85 Low Feb 19
*SUP 4: 109.62 Low Feb 13
USDJPY bulls appear to have a touch of vertigo at recent elevated levels, with
gains above 112.00 looking hard to maintain. Momentum studies are beginning to
highlight the risk of a top with readings in overbought territory. The RSI
recently entered the 70% range. This highlights the importance of last week's
high of 112.23 as a key resistance. A break would resume the uptrend. On the
downside, a move below 111.11 would allow for a deeper corrective pullback.

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