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Takes Out Key 105.20 Support

DOLLAR-YEN TECHS
  • RES 4: 107.29 Trendline resistance drawn off the Mar 24 high
  • RES 3: 106.95/107.05 High Aug 28 and Aug 13 and the bull trigger
  • RES 2: 106.55 High Sep 3
  • RES 1: 106.02 20-day EMA
  • PRICE: 104.88 @ 19:43 BST Sep 16
  • SUP 1: 104.81 Low Sep /19 low and the bear trigger
  • SUP 3: 104.19 Low Jul 31 and a major support
  • SUP 4: 104.00 Round number support

USDJPY traded further under pressure Wednesday as the week's move lower extended. A bearish theme dominates following a sharp reversal on Aug 28. The pair has cleared support at 105.20/10, Aug 28 and 19 low respectively and the near-term bear triggers. This strengthens the bearish case and reinforces recent bearish price patterns. This ultimately opens 104.19, Jul 31 low. On the upside, initial firm resistance is at 106.02, the 20-day EMA.

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