Free Trial

Daily Bull Channel Base Confirms...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Daily Bull Channel Base Confirms Significance
*RES 4: Y114.07 High Nov 9 
*RES 3: Y113.90 Bollinger band top 
*RES 2: Y113.68 Daily Bull channel top 
*RES 1: Y113.33 High Nov 16
*PRICE: Y113.09 @ 2000GMT
*SUP 1: Y112.57 Hourly support Dec 7 
*SUP 2: Y112.33 Hourly resistance Dec 7 now support 
*SUP 3: Y112.26 Daily Bull channel base (Off Nov 28 low) 
*SUP 4: Y111.82 Hourly support Dec 1
*COMMENTARY: The bounce from the channel base confirms significance with a close
above Y112.87 being ideal but a close above the 55-DMA (Y112.76) will be enough
to reconfirm focus on Y113.33. Bulls need a close above Y113.33 to add support
to the case for a move initially targeting Y114.72 Nov highs. Bears now look for
a close below the bull channel base to add weight to the case for a correction
back to the Y110.83-111.66 region where monthly lows, 100 & 200-DMAs are noted.

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.