Free Trial

JPY: Grinds Lower, Away From Cycle High/Fibo Resistance

CNH

CNH/JPY has shed ~345 pips today and last trades at Y16.7370, unwinding some of Friday's gains. The pair charted a (virtual) Doji candlestick last Wednesday, which was followed by the latest uptick towards Mar 16 cycle high. The RSI has steered clear from overbought territory.

  • A dip through Mar 24 low of Y16.6192 would suggest the formation of a small double-top pattern, opening up Mar 8 low of Y16.5676. Conversely, a breach of Mar 16 high of Y16.8169 would reignite bullish momentum, turning focus to the 76.4% recovery of the 2018 - 2020 slide at Y16.8266.

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.