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Range Bound

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and the bull trigger
  • RES 3: 110.82 High Jul 7
  • RES 2: 110.80 High Aug 11 and a key resistance
  • RES 1: 110.42/46 High Sep 1 / High Aug 13
  • PRICE: 110.02 @ 16:52 BST Sep 2
  • SUP 1: 109.41 Low Aug 24
  • SUP 2: 109.11/108.72 Low Aug 16 / Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY failed to hold onto Wednesday's high and is back in its range. Despite recent gains, the pair still appears vulnerable and attention is on the key support at 108.72, Aug 4 low. A breach of this level would strengthen a bearish case and open 108.47, a Fibonacci retracement. For bulls, key near-term resistance is unchanged at 110.80, Aug 11 high. A break would instead open key resistance at 111.66, Jul 2 high.

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