Free Trial

Focus is on bullish engulfing:.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Focus is on bullish engulfing:
*RES 4: 109.32 High Aug 1 and key resistance
*RES 3: 109.00 Round number resistance
*RES 2: 108.48 Sep 18 High and bull trigger
*RES 1: 107.96 High Sep 26
*PRICE: 107.86 @ 08:39 GMT Sep 27
*SUP 1: 106.96 Low Sep 24 and key near-term support
*SUP 2: 106.68 1.0% Lower Bollinger band
*SUP 3: 106.47 50% retracement of Aug 26 - Sep 18 rally
*SUP 4: 106.00 61.8% retracement of Aug 26 - Sep 18 rally
The focus in USDJPY is on Wednesday's recovery where, at the days close the
bounce resulted in the formation of a strong candle pattern, a bullish engulfing
reversal. The significance of this pattern is reinforced by the fact that, apart
from a brief probe 106.98, Sep 13 high provided support. Attention is on the
108.48 bull trigger, Sep 18 high where a break would open 109.00 and 109.32.
First support lies at 106.96, Tuesday's low.

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.