Free Trial

Bearish Despite Today's Bounce.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Despite Today's Bounce
*RES 4: 111.04 High Feb 25
*RES 3: 110.46 High Feb 27
*RES 2: 109.68 High Feb 28
*RES 1: 109.00 38.2% retracement of the Feb 20 - Mar 2 decline
*PRICE: 107.84 @ 10:41 GMT Mar 2
*SUP 1: 107.01 Intraday low
*SUP 2: 106.48 Low Oct 3 and key support
*SUP 3: 105.74 Low Sep 3
*SUP 4: 105.59 Low Aug 27
USDJPY traded to a fresh low in the Asia session although the pair also
rebounded quite sharply off the low. Bearish conditions still dominate though
following last week's sharp sell-off that started off the Feb 20 high of 112.23.
Momentum studies are pointing south having recently pulled away from overbought
territory and this reinforces the current bearish condition. A break below
today's low of 107.01 would open 106.48. Firm resistance is at 109.68.

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.