Free Trial

Hesitating Around Bear Channel.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Hesitating Around Bear Channel Top
*RES 4: Y114.07 High Nov 9 
*RES 3: Y113.74 High Dec 12 
*RES 2: Y113.44 High Dec 22 
*RES 1: Y113.24 Daily Bear channel top
*PRICE: Y113.18 @ 0530GMT
*SUP 1: Y112.86 High Jan 4 now support 
*SUP 2: Y112.45 Low Jan 4 
*SUP 3: Y111.98 Low Dec 6 
*SUP 4: Y111.69 200-DMA
*COMMENTARY: Despite pressuring Y111.98-112.17 where the 100-DMA is located
bears failed to produce a close below with the recovery resulting in a test of
the bear channel top. Bulls look for a close above Y113.44 to confirm a break of
the channel top and shift overall focus back to Y114.72. Daily studies are well
placed for gains. Bears now look for a close below Y112.45 to return pressure to
the key Y110.83-111.98 support region where 100 & 200-DMAs are noted.

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.