Free Trial

7 Week Support Line Survives A.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: 7 Week Support Line Survives A Test On Tuesday
*RES 4: Y110.84 Nov 27 low, now resistance
*RES 3: Y110.40 1% volatility band
*RES 2: Y110.27 61.8% Fibo of Y113.75-Y104.63
*RES 1: Y110.04 May 2 high
*PRICE: Y109.76 @0908GMT
*SUP 1: Y109.35 Hourly support
*SUP 2: Y109.02 7 week rising support line
*SUP 3: Y108.83 May 8 low
*SUP 4: Y108.54/65 Apr 24, May 4 lows
*COMMENTARY* The 7 week rising support line survived a test on Tuesday, keeping
recent upside momentum intact for the time being. Furthermore, the Y109.80
resistance level is under attack at the time of writing, the bar to a Y110.04
return. As a result, support rises accordingly, Y109.35 initially, ahead of that
support line at Y109.02 by time today. Directly above Y110.04 and the Y110.24
Fibo retrace comes back into the picture ahead of the pivotal Y110.84 level.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.