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Bears Need Close Below Y108.12.....>
DOLLAR-YEN TECHS: Bears Need Close Below Y108.12
*RES 4: Y110.47 High Feb 2
*RES 3: Y110.15 21-DMA
*RES 2: Y109.63 Hourly support Feb 5 now resistance
*RES 1: Y109.33 Hourly resistance Feb 5
*PRICE: Y108.46 @ 0530GMT
*SUP 1: Y108.40 Low Jan 30
*SUP 2: Y108.27 Low Jan 26
*SUP 3: Y108.12 Low Sept 11
*SUP 4: Y107.76 Weekly Triangle base
*COMMENTARY: Topside failures around the 21-DMA have taken their toll with a
sell-off that sees immediate pressure on Y108.12-40 and overall focus on
Y107.31-76 where the rising weekly triangle base and 2017 lows are situated.
Daily studies lingering around O/S levels are less than ideal. Bulls now need a
close above Y109.63 to ease bearish pressure and above Y110.47 to initially
target Y111.22-112.59 where key DMAs and the bear channel top are noted.
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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.