Dollar decline from Friday's high at 81.50 extended sharply yesterday as risk aversion boosted Yen demand, breaking below key 79.55/70 support area, to hit a fresh 4-month low at 78.50, and the pair attempted to regain lost ground on Asian session, although 79.55 has limited the upside.
On the downside, the pair might find support at 79.10 (day low), and below here, 78.50 (Jun 12 low), and then 78.00. On the upside, immediate resistance lies at 79.55/70 (May 5/Jun 8 lows), above here, at 80.00 (psychological level), and 80.35 (Jul 12 high).
Yesterday's daily close below 79.55 supports further bearish activity for today, according to the ecPulse technical analysis team: "This breach support the expectations for the pair to continue the expected intraday downside trend for today, and supported by the negative pressures forced by the MA 50."
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