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Reversal Exposes 105.10

  • 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: 105.37 @ 17:41 BST Aug 28
  • SUP 1: 105.20 Low Aug 28
  • 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 remained under pressure throughout the Friday session following Abe's resignation. Earlier, the pair traded higher in Asia touching 106.95. The pullback has instead resulted in a breach of Thursday'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.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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