Free Trial

Holding Above Its Channel Base.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Holding Above Its Channel Base
*RES 4: 110.67 High May 21
*RES 3: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 2: 109.93 High May 30
*RES 1: 109.49 High Nov 7
*PRICE: 108.74 @ 05:48 GMT Nov 14
*SUP 1: 108.63 Intraday low
*SUP 2: 108.54 Channel base drawn off Aug 26 low
*SUP 3: 108.18 Low Nov 4
*SUP 4: 107.89 Low Oct 1
USDJPY has retraced this week and is off recent highs. Key support is the
channel base at 108.54, the channel is drawn off the Aug 26 low. A break if
seen, would allow for a deeper corrective decline and open 107.89, Nov 1 low.
While the channel base holds however, the outlook remains bullish. A broader
recovery has been in place since late August and trend conditions remain
positive. The trigger for a resumption of strength is 109.49, Nov 7 high.

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.