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Free AccessBRIEF: Trade Reactions Must Be Proportionate-EU's Dombrovskis
Bulls Look to Build Base at 110....>
DOLLAR-YEN TECHS: Bulls Look to Build Base at 110
*RES 3: 110.53/67 76.4% of the Apr 24 - Aug 26 decline / High May 21
*RES 2: 110.36 High May 23
*RES 1: 110.21 High Jan 14
*PRICE: 110.17 @ 17:09 GMT Jan 16
*SUP 1: 109.45 Low Jan 13
*SUP 2: 109.01 Low Jan 9
*SUP 3: 107.62 Low Jan 8
USDJPY started quiet before edging higher into the close and resuming the
bullish theme. This week's break of the key former resistance at 109.73, Dec 2
high reinforced the positive tone, with 110.00 now a base on which bulls will
build. The break represents a significant bullish development and confirms a
resumption of the underlying bull trend that has been in place since Aug 26 last
year. It has opened 110.53, a Fibonacci retracement and the 110.67, May 21 high
next. Initial support is seen at 109.45, Monday's 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.