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Free AccessCorrective Bottom Developing.......>
DOLLAR-YEN TECHS: Corrective Bottom Developing
USDJPY has rebounded ahead of the 111.25/17 key support area, consistent with
the recent decline being a correction. Renewed gains back above 111.75/80 will
trigger renewed bullish signals, suggesting that a corrective bottom has been
traded at the 111.30 level. The current rebound is supported by bullish intraday
technical indicators and positive trend and momentum indicators on daily charts.
Once above 111.75/80 focus will return to the 112.15 recent high and then the
113.17 July highs over the medium term. However, below 111.25/17 the bullish
picture is challenged, while a break of 110.75 would mark a bearish reversal.
To read the full story
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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.