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Remains Heavy!

DOLLAR-YEN TECHS
  • RES 4: 107.79 High Jul 7 and key resistance
  • RES 3: 107.53 High Jul 20
  • RES 2: 106.90 High Jul 24
  • RES 1: 106.16 High Jul 27
  • PRICE: 105.03 @ 16:43 BST Jul 28
  • SUP 1: 104.96 Low Jul 28
  • SUP 2: 104.67 2.0% 10-dma envelope
  • SUP 3: 104.51 Low Mar 13
  • SUP 4: 103.67 76.4% retracement of the Mar 9 - 24 rally

USDJPY remains under pressure and a bearish theme is likely to continue
dominating near-term. Friday's bearish session saw the pair breach key
supports at 106.07, Jun 23 low and 105.99, May 6 and 7 low. Monday's
move lower confirmed a clear break of this support zone. 105.21, a Fibonacci
retrace level has been achieved, opening 104.51 next, Mar 13 low. Initial
resistance is 106.16.

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