Free Trial

Corrective Bounce Or Reversal?.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Corrective Bounce Or Reversal?
*RES 4: 109.38 High Apr 6
*RES 3: 108.59 High Apr 10
*RES 2: 108.08 High Apr 16 and 17 and key resistance
*RES 1: 107.77 High May 11 and close to the the 50-day EMA
*PRICE: 107.51 @ 10:31 BST May 12
*SUP 1: 106.40 Low May 11
*SUP 2: 105.99 Low May 6 and 7 low and bear trigger
*SUP 3: 105.81 Low Mar 17
*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally
USDJPY rallied sharply higher yesterday and managed to breach resistance at
107.50, Mar 30 high. This has undermined the recent bearish outlook however a
close north of 108.08 is needed before indicating a reversal. Last week's breach
of 106.36, Apr 30 low reinforced bearish conditions supported by MA studies that
continue to point south. A return lower would refocus attention on objectives at
105.81, Mar 17 low and 105.21, a retracement level.

To read the full story

Close

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.