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Reverts Further Off Lows

  • RES 4: 111.71 High Mar 24, 2020
  • RES 3: 111.66 High Jul 2 and the bull trigger
  • RES 2: 110.70/82 High Jul 14/ High Jul 7
  • RES 1: 110.59 High Jul 23
  • PRICE: 110.24 @ 16:59 BST Aug 09
  • SUP 1: 108.72 Low Aug 04
  • SUP 2: 108.56 Low May 25
  • SUP 3: 108.47/34 76.4% of the Apr 23 - Jul 2 rally / Low May 7
  • SUP 4: 108.08 Low Apr 27

USDJPY initially extended lower mid-last week, but has rallied since, rising back above the 110.00 handle. This works against the previously bearish theme, with markets now focusing on the Jul23 high at 110.59 initially ahead of 110.70. To the downside, attention is on 108.47, a Fibonacci retracement.

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

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