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- Risk-off sentiments resurfaced across the board following PBOC's latest Yuan depreciation move
- USD/JPY surged from 124.52 to 124.90, gains however were capped at 124.90 and the pair struggled to reclaim 125 handle
- Markets currently mixed on direction, China effect seems over, USD/JPY off from 124.90 to 124.56 but holding 124.62 currently
- Pair dips, but can't hold below the 10-DMA. A nice bounce ensues and daily RSI is biased up again
- Daily Tenkan at 124.48 offers solid support, breaks below could see 124.40 (Session low Aug 10th), resistance lies at 125.00, and further at 125.60 (Hourly High Jun 8)
Resistance Levels:
R1: 125.00 (Daily High Aug 7)
R2: 125.60 (Hourly High Jun 8)
R3: 125.68 (Daily High Jun 8)
Support Levels:
S1: 124.48 (Daily Tenkan-Sen)
S2: 124.15 (Session Low Aug 10)
S3: 124.11 (Daily Low Aug 7)
