Free Trial

Off Sharply

DOLLAR-YEN TECHS
  • RES 4: 106.41 Channel resistance drawn off Mar 24 high
  • RES 3: 106.11/38 High Oct 7 and the bull trigger / High Sep 8
  • RES 2: 105.73/75 50-dma / High Oct 20
  • RES 1: 105.04 Low Oct 4 and a recent breakout level
  • PRICE: 104.94 @ 17:21 BST Oct 21
  • SUP 1: 104.34 Low Oct 21/1.0% 10-dma envelope
  • SUP 2: 104.28 4.0% Lower Bollinger Band
  • SUP 3: 104.00 Low Sep 21 and the bear trigger
  • SUP 4: 10309 Low Mar 12

USDJPY sold off sharply Wednesday. The pair took out support at last week's low to break convincingly below the Y105 handle as well as the 104.94, Oct 2 low. This signals a deeper sell-off and opens the key 104.00 handle further out, Sep 21 low. On the upside, firm short-term resistance has been defined at 105.75.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.