Free Trial

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: 105.10 @ 16:36 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 remains vulnerable 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.