Free Trial

Approaches key 61.8%...............>

DOLLAR-YEN TECHS: Approaches key 61.8% retracement:
*RES 4: 109.02 Low May 13
*RES 3: 108.93/99 38.2% of the Apr 24-Jun 25 decline / High Jul 10
*RES 2: 108.38 High Jul 17
*RES 1: 108.00 Intraday high
*PRICE: 107.72 @ 04:31 GMT July 18
*SUP 1: 107.62 61.8% retracement of the rally between Jun 25-Jul 10
*SUP 2: 107.53 Low Jul 3
*SUP 3: 107.10/00 Low Jun 26 / Former channel resistance off the Jul 3 low
*SUP 4: 106.78 Low Jun 25
USDJPY traded below 107.80 in Asia. The break lower exposes 107.62, 61.8% of the
rally between Jun 25-Jul 10. Whether the move lower is a correction or part of a
deeper sell-off will depend on the retracement level. A break would open 107.53,
the low of Jul 3 where a breach would in turn expose 107.10 and 106.78. On the
upside, the ability to hold above the retracement and also break above 108.38,
would be encouraging for bulls. Watch 107.62.

To read the full story



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.