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Breaches Channel Support *RES 4:...>
DOLLAR-YEN TECHS: Breaches Channel Support
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.49 High Nov 7 and bull trigger
*RES 1: 108.86 High Nov 14
*PRICE: 108.35 @ 18:18 GMT Nov 14
*SUP 1: 108.18 Low Nov 4
*SUP 2: 107.89 Low Nov 1 and key support
*SUP 3: 107.57 38.2% retracement of the Aug 26 - Nov 7 rally
*SUP 4: 107.04 Low Oct 10
USDJPY is off recent highs and traded below the key support at 108.54 Thursday.
This marked the base of a channel drawn off Aug 26 low. The break allows for a
deeper corrective decline and opens 107.89 initially, Nov 1 low. Clearance of
this support would pave the way for a move to 107.57, 38.2% retracement of the
Aug 26 - Nov 7 rally. The 50% retracement is at 106.97. Initial resistance is
Thursday's intraday high of 108.26.
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