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Free AccessShort term bearish risk remains:...>
DOLLAR-YEN TECHS: Short term bearish risk remains:
*RES 4: 109.02 May 13 low
*RES 3: 108.80 High Jun 11
*RES 2: 108.35/53 Broken trendline off Jan 3 low / High Jul 1
*RES 1: 107.92 High Jul 3
*PRICE: 107.82 @ 04:39 GMT July 4
*SUP 1: 107.53 Low Jul 3
*SUP 2: 107.10 Low Jun 26
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
*SUP 4: 105.66 Bear channel base
USDJPY bulls have so far failed to capitalise on the recent trendline resistance
break and price action is trading back within the bear channel drawn off the Apr
24 high. Thus far, recovery efforts remain shallow highlighting the potential
bearish signal of Tuesday's bearish engulfing candle and the risk for USDJPY
weakness. 107.10 has been exposed. A break here would open the key level at
106.78. On the upside, a move above 108.53 is required to change the outlook.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.