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Remains Vulnerable

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: 105.19 @ 06:19 BST Jul 30
  • SUP 1: 104.77 Low Jul 29
  • SUP 2: 104.51 Low Mar 13
  • SUP 3: 104.26 2.0% 10-dma envelope
  • SUP 4: 103.67 76.4% retracement of the Mar 9 - 24 rally

USDJPY remained under pressure Wednesday and a bearish theme is
likely to continue dominating near-term. The Jul 4 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 firm resistance is 106.16.

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