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Sharp Sell-Off

DOLLAR-YEN TECHS
  • RES 4: 106.11 High Oct 7 and key resistance
  • RES 3: 105.75 High Oct 20
  • RES 2: 105.53/69 High Oct 21 / 50-dma / High Oct 20
  • RES 1: 105.04 Low Oct 4 and a recent breakout level
  • PRICE: 104.71 @ 06:18 BST Oct 22
  • SUP 1: 104.34 Low Oct 21
  • SUP 2: 104.00 Low Sep 21 and the bear trigger
  • SUP 3: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 4: 103.09 Low Mar 12

USDJPY sold off sharply Wednesday resuming the downleg off the 106.11 high from Oct 7. A number of important short-term supports were cleared yesterday signalling scope for a deeper pullback that opens the key 104.00 handle, Sep 21 low. A break of 104.00 would signal scope for further weakness within the bear channel drawn off the Mar 24 high. Initial resistance is at 105.04, a recent breakout level. Firmer resistance is at 105.53.

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