Free Trial
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.
CNH
CNH/JPY surged into the month-end, completing a broader double-bottom structure upon a break above the neckline at Y16.0958, which represents the high print of Jan 20, 2020. DMA studies suggest that the rate remains in a bullish mode, following the formation of a "golden cross" in 2H2020. The ascending 50-DMA has been sticky since then, providing a firm support to the rallying CNH/JPY.
- Price action over the coming days may provide a bellwether of a longer-term trend. The rate charted a bearish Harami candlestick pattern yesterday, while the RSI is flirting with the 70 threshold, having oscillated around this level since the back end of last week.
- Continued rally through May 6, 2019 high/61.8% retracement of the 2018 - 2020 sell-off at Y16.3877/16.3912 would reinforce the bullish case, creating potential for closing the gap from May 6, 2019 through a breach of May 3, 2019 low of Y16.4857. Next resistance of note is located at Apr 17, 2019 high/76.4% recovery of the aforementioned slide at Y16.7878/16.8266.
- Bears look for a dynamic retreat under the neckline, followed by a move through channel floor at Y16.0083 & the 50-DMA/Jan 18 low at Y15.9643/15.9455, which would suggest a potential failure of the double bottom pattern and signal that the rate might be topping out.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok