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USDCAD Resisting Modest Broader USD Weakness

LATAM FX

Price Signal Summary: USDCLP Heading South

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Reversal Opens 105.10

DOLLAR-YEN TECHS

USDJPY:

  • RES 4: 107.71 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 High Aug 28
  • PRICE: 105.63 @ 06:08 BST Aug 31
  • 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 sold off sharply Friday closing near session lows. In pattern terms, Friday is a bearish engulfing candle and highlights a potential bearish threat. The pullback exposes key near-term support at 105.10, Aug 19 low. A break of this level would add to the current bearish weight and potentially set the scene for a move towards 104.19, Jul 31 low. On the upside, a break of 106.95/107.05 is required to reinstate a bullish theme.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
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