Free Trial

Has Entered A Corrective Phase.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Has Entered A Corrective Phase
*RES 4: 110.17 Bull channel top drawn off Aug 26 low
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.08 200-DMA
*RES 1: 108.94 High Oct 17
*PRICE: 108.34 @ 05:04 GMT Oct 23
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.41 Trendline support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY's remains in its current corrective mode with prices still edging lower.
A bullish outlook however remains intact. The focus is on a test of the 200-DMA
at 109.08. A broader bullish resumption was confirmed Oct 16 following the clear
breach of, and close above the former bull trigger at 108.48, Sep 18 high. A
move above the 200-DMA average would open 109.32, Aug 1 high and 109.93, May 30
high. Trendline support lies at 107.41, drawn off the Aug 26 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.