Free Trial

Focus is now on 106.50: *RES 4:....>

DOLLAR-YEN TECHS: Focus is now on 106.50:
*RES 4: 109.02 Low May 13
*RES 3: 108.80 High Jun 11 and key short-term resistance
*RES 2: 108.63/69 20-day EMA and trendline resistance drawn off the Apr 24 high
*RES 1: 107.81 Low Jun 5 and recent bear trigger
*PRICE: 107.41 @ 08:38 GMT June 21
*SUP 1: 107.00 Round number support
*SUP 2: 106.50 Bear channel base drawn off the Apr 24 high/76.4% Jan 3-Apr 24
*SUP 3: 106.00 Round number support
*SUP 4: 104.67 Jan 3 low
USDJPY hit fresh cycle lows Thursday but recovered somewhat in early Europe. A
break of the 61.8% retracement of the Jan 3-Apr 24 rally at 107.61 was also
confirmed yesterday further cementing bearish conditions and extending the price
sequence of lower lows and lower highs. Attention is now on the 76.4%
retracement at 106.50. Note that this level also represents the bear channel
base highlighting a potentially significant support handle at 106.50.

To read the full story



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.