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Free Access76.4% Fibo At Y130.14 The Near.......>
EURO-YEN TECHS: 76.4% Fibo At Y130.14 The Near Term Protection Now
*RES 4: Y132.23 Underside prev broken 5 month support line
*RES 3: Y131.71 Aug 30 high
*RES 2: Y131.35 Sep 1 high
*RES 1: Y130.71 Aug 31 low, now resistance
*PRICE: Y130.52 @0848GMT
*SUP 1: Y130.14 76.4% Fibo of Y129.66-Y131.71
*SUP 2: Y129.63/66 50% of Y127.56-Y131.71, Aug 28 low
*SUP 3: Y129.15/19 61.8% of Y127.56-Y131.71, Aug 22 high
*SUP 4: Y128.78 1% volatility band
*COMMENTARY* The rally faltered at Y131.71 last week, before succumbing to some
near term overbought conditions. So far the 76.4% Fibo level at Y130.14 has held
the fall and this currently protects against a greater correction of gains from
the Aug 18 low at Y127.56. Resistance comes initially from below last Thursday's
Y130.71 base but likely needs a further recovery through Friday's Y131.35 high,
before confidence in the upside can be restored.
To read the full story
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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.