Free Trial

Downside Risk *RES 4: 110.50.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Downside Risk
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.73 High Dec 2 and key resistance
*RES 1: 109.21 High Dec 3
*PRICE: 108.66 @ 05:39 GMT Dec 6
*SUP 1: 108.50/43 50 dma / Intraday low
*SUP 2: 108.24 Low Nov 14 and key support
*SUP 3: 107.89 Low Nov 1
*SUP 4: 107.72 38.2% retracement of the Aug 26 - Dec 2 high
USDJPY remains vulnerable following the sharp rejection off Monday's 109.73
high. The pullback cleared 108.64 support, exposing the 50-dma at 108.52. Next
key support sits at the 108.24 mark, Nov 14 low. A break would threaten a deeper
sell-off towards 107.89, Nov 1 low. To resume the uptrend and a bullish focus,
the pair needs to retest Monday's 109.73 high where a break would open 109.93,
May 30 high and 110.50, a Fibonacci projection.

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.