Free Trial

On The Back Foot *RES 4: 108.08....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: On The Back Foot
*RES 4: 108.08 High Apr 16 and 17 and key resistance
*RES 3: 107.79 20-day EMA
*RES 2: 107.34 High Apr 28
*RES 1: 106.92 Low Apr 1 and recent breakout level
*PRICE: 106.55 @ 05:57 BST Apr 29
*SUP 1: 106.45 50.0% retracement of the Mar 9 - 24 rally
*SUP 2: 105.81 Low Mar 17
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low MAr 13
USDJPY remains on the back foot following yesterday's break of key support at
106.92, Apr 1 low. The move through this level confirms a resumption of the
downleg that started on Mar 24 when the pair stalled at 111.71. The focus is on
106.45, 50.0% retracement of the Mar 9 - 14 rally. A break of the retracement
level would open 105.81, Mar 17 low and 105.21, the 61.8% level. Key resistance
is at 108.08, Apr 16/17 high. Initial resistance is at 107.34.

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.