Free Trial

Bears Need Close Below 55-DMA *RES...>

EURO-YEN TECHS
EURO-YEN TECHS: Bears Need Close Below 55-DMA
*RES 4: Y131.52 Bollinger band top
*RES 3: Y131.35 High Sept 1
*RES 2: Y130.70 High Sept 4
*RES 1: Y130.39 High Sept 6
*PRICE: Y130.05 @ 0430GMT
*SUP 1: Y129.89 Hourly support Sept 7 
*SUP 2: Y129.42 55-DMA 
*SUP 3: Y128.31 Low Aug 22 
*SUP 4: Y127.81 Bollinger band base
*COMMENTARY: Despite pressuring the 55-DMA and daily bull channel base (Y129.55)
bears have failed to manage the close below needed to confirm a break of the
daily bull channel base, ending bullish hopes and shifting initial focus back to
Y127.43 June 30 lows. Layers of resistance remain with the Y130.36-70 region key
today. Bulls continue to look for a close above Y130.70 to shift focus back to
131.35-70.

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.