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Testing The 20-day EMA

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 106.38 High Sep 8
  • RES 2: 105.99 50-day EMA
  • RES 1: 105.53 20-day EMA / High Sep 24
  • PRICE: 105.48 @ 16:12 BST Sep 24
  • SUP 1: 104.41 Low Sep 22
  • SUP 2: 104.00 Low Sep 21
  • SUP 3: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 4: 103.51 1.764 proj of the Aug 13 - 19 rally from Aug 28 high

USDJPY continues to trade at the top of its recent range following this week's recovery. The pair has defined a firm support at 104.00, the Monday low, and this level also represents a near-term bear trigger. A resumption of weakness and clearance of 104.00 would open 103.80 and 103.51, both Fibonacci projections. On the upside, price is testing the 20-day EMA at 105.53. A break would open 105.99, the 50-day EMA.

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

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