Free Trial

Fading Fast *RES 3: 108.85 50%.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Fading Fast
*RES 3: 108.85 50% retracement of the Mar 24 - May 6 decline
*RES 2: 108.59 High Apr 10
*RES 1: 108.09 High May 19
*PRICE: 107.42 @ 16:23 BST May 20
*SUP 1: 107.30 Low May 19
*SUP 2: 106.74 Low May 13
*SUP 3: 106.40 Low May 11
USDJPY rallied Tuesday to break the 107.77, May 11 high. This price action faded
fast Wednesday, however, dragging prices away from the more important hurdle at
108.08, Apr 16 and 17 high. A clear break of 108.08 is required to signal a
reversal. This would open 108.54, Apr 13 high and potentially 109.38, Apr 6 high
further out. Key support has been defined at 106.74, May 13 low. An inability to
hold onto current highs followed by a break of 106.74 would resume a bearish
focus.

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.