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Remains Under Pressure

DOLLAR-YEN TECHS
  • RES 4: 107.22 100-dma
  • RES 3: 107.05 High Aug 13 and the bull trigger
  • RES 2: 106.68 High Aug 17
  • RES 1: 106.05 Intraday high
  • PRICE: 105.57 @ 10:34 BST Aug 18
  • SUP 1: 105.40 Intraday low
  • SUP 2: 105.30 Low Aug 6 and key support
  • SUP 3: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 4: 104.19 Low Jul 31 and a major support

USDJPY remains under pressure having sold off in the Asia session, extending yesterday's move lower and the recent pullback off 107.05, Aug 13 high. Attention turns to the initial key support at 105.30, Aug 6 low. A breach here would undermine the recent recovery and signal scope for a deeper pullback towards 104.19, Jul 31 low. Key resistance has been defined at 107.05 where a break is required to reinstate bullish confidence.

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