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Reverts Off Lows

USDJPY TECHS
  • 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: 109.78 @ 16:55 BST Aug 05
  • 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 Wednesday, taking out support to trade at 108.72. This follows the recent Jul 19 break of support at 109.48, Jul 29 low. The move lower marks a resumption of the reversal from early July and paves the way for an extension lower. Attention is on 108.47, a Fibonacci retracement. Firm short-term resistance is at 110.70, Jul 14 high, a break would alter the picture.

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