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Selling Pressure Returns

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 106.38 High Sep 8
  • RES 2: 105.89 50-day EMA
  • RES 1: 105.80 High Sep 30
  • PRICE: 105.10 @ 10:54 BST Oct 2
  • SUP 1: 104.88 Low Sep 23
  • SUP 2: 104.41 Low Sep 22
  • SUP 3: 104.00 Low Sep 21 and the bear trigger
  • SUP 4: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high

USDJPY is under pressure once again and today's move lower has ended the recent period of consolidation. Recent price action has defined a firm support at 104.00, Sep 21 low, and this level represents a near-term bear trigger. Continued weakness would open 104.00 and a break would trigger a deeper pullback towards 103.80 and 103.51, both Fibonacci projections. Resistance has been defined at 105.80, Sep 30 high.

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