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Testing The Key 1025.20/100 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-da EMA
  • PRICE: 105.18 @ 10:31 BST Sep 16
  • SUP 1: 105.20/10 Low Aug 28 /19 low and the bear trigger
  • SUP 2: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 3: 104.19 Low Jul 31 and a major support
  • SUP 4: 104.00 Round number support

USDJPY is under pressure as this week's move lower extends. A bearish theme dominates following a sharp reversal on Aug 28. The pair is testing support at 105.20/10, Aug 28 and 19 low respectively and the near-term bear trigger. A clear beak would strengthen a bearish case and reinforce recent bearish price patterns. This would open 104.19, Jul 31 low. On the upside, initial firm resistance is at 106.02, the 20-day EMA.

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