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Reversal Exposes 105.10

DOLLAR-YEN TECHS
  • RES 4: 107.74 Trendline resistance drawn off the Mar 24 high
  • RES 3: 107.53 High Jul 20
  • RES 2: 107.05 High Aug 13 and the bull trigger
  • RES 1: 106.95 Intraday high
  • PRICE: 10559 @ 10:24 BST Aug 28
  • SUP 1: 105.44 Low Aug 19
  • SUP 2: 105.10 Low Aug 19 and the intraday bear trigger
  • 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 today as the market reacts to news that Abe will resign. Earlier, the pair traded higher in Asia touching 106.95. The pullback has instead resulted in a breach of yesterday's low of 105.61 and exposes key near-term support at 105.10, Aug 19 low. A break of this support would add to the current bearish weight and potentially expose 104.19, Jul 31 low. A break of 106.95/107.05 is required to reinstate a bullish theme.

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