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Free AccessBreaks Higher And Pressures........>
DOLLAR-YEN TECHS: Breaks Higher And Pressures 200-DMA
*RES 4: 110.52 Bull channel top drawn off Aug 26 low
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.04/06 High Oct 28 / 200-DMA
*PRICE: 108.98 @ 05:34 GMT Oct 29
*SUP 1: 108.25 Low Oct 23
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.63 Trendline / channel support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY was firmer yesterday, trading above former resistance at 108.94, Oct 17
high. This confirms the recent consolidation as a bull flag and marks a
resumption of the uptrend. Prices are testing the 200-DMA at 109.06 where a
clear break would open 109.32, Aug 1 high and 109.93, May 30 high. 110.52 marks
the projected top of a bull channel drawn off Aug 26 low and is an objective
further out. Support has been defined at 108.25, Oct 23 low.
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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.