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###POV Close Below Y107.31 To......>
DOLLAR-YEN TECHS: ###POV Close Below Y107.31 To Target Y99.08 2016 Low
- Dollar-yen remained confined to a Y107.31-114.72 range in H2 2017 with 2018
having been defined by losses so far as the pair corrects from Y113.38 2018
highs (Jan 8). The pair has now traded at fresh 2018 & 14mth lows and remains
heavy as it also trades below the LT rising TL (Y107.89)off Y77.11 Sept 2014
- LT traders now look for a close below the Y107.31 2017 low to confirm breaks
of the 2017 low and LT rising TL and focus on the Y99.08 2016 low (June 24).
Weekly studies are approaching O/S but have room to move before this becomes a
concern for LT bears.
- The Y111.55-114.72 resistance region where key WMAs are situated is now seen
as key for LT traders. A close above the 55-WMA (Y111.55) is needed to ring
alarm bells with a close above Y114.72 (Nov 2017 monthly high) needed to see LT
traders switch to a bullish bias, initially targeting Y118.66 Dec 2016 monthly
highs and then Y125.85 2015 highs.
- Click for chart https://tinyurl.com/y926f2h4
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