Free Trial

Monitoring The Bullish Engulfing...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Monitoring The Bullish Engulfing Reversal
*RES 3: 107.65 Low Jan 8
*RES 2: 106.34 High Mar 6
*RES 1: 106.10 High Mar 12
*PRICE: 105.54 @ 17:29 GMT Mar 12
*SUP 1: 103.09 Low Mar 12
*SUP 2: 102.02 Low Mar 10
*SUP 3: 101.19 Low Mar 9 and bear trigger
USDJPY rallied Tuesday following the rebound off the week's 101.19 low.
Nonetheless, recent losses below 104.46, Aug 26 low continue to weigh on the
pair. This confirmed a breach of a broad 104.46 - 112.26 range the pair has
traded within since Jan last year. It opens 100.00 with a range projection at
98.00. A concern for bulls is Tuesday's candle pattern. If price is able to
follow through on Thursday's bounce, this would alter the picture and open
107.65, Jan 8 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.