Free Trial

Corrective Bounce *RES 4: 110.36...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Corrective Bounce
*RES 4: 110.36 76.4% of the Mar 24 - May 6 decline
*RES 3: 109.85 High Jun 5 and key resistance
*RES 2: 108.54 High Jun 9
*RES 1: 107.87 High May 10
*PRICE: 107.47 @ 10:42 BST Jun 12
*SUP 1: 106.58 Low Jun 11
*SUP 2: 106.40 Low May 11
*SUP 3: 105.99 Low May 6/7 and key support
*SUP 4: 105.81 Low Mar 17
USDJPY is firmer this morning however despite this, the pair remains vulnerable.
A bearish theme was confirmed Monday, highlighted by a Japanese candle pattern,
a bearish engulfing reversal. Support at 107.09, May 29 low has been cleared
reinforcing bearish conditions and this signals scope for a move towards the key
support at 105.99, May 6 and 7 low. Initial resistance is at 107.87, the
Wednesday high.

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.