Free Trial

Pullback Likely A Correction.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Pullback Likely A Correction
*RES 4: 111.45 1.236 projection of Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 110.53/67 76.4% of the Apr 24 - Aug 26 decline / High May 21
*RES 2: 110.36 High May 23
*RES 1: 110.29 High Jan 17 and bull trigger
*PRICE: 109.97 @ 05:33 GMT Jan 21
*SUP 1: 109.79 Low Jan 15
*SUP 2: 109.45 Low Jan 13
*SUP 3: 109.01 Low Jan 9
*SUP 4: 107.65 Low Jan 8 and key support
Despite the overnight pullback following an earlier spike in risk aversion,
USDJPY maintains a bullish theme. Last week's break of 109.73, Dec 2 high
reinforced the positive tone, confirming a resumption of the uptrend that has
been in place since Aug 26. Momentum and MA studies are still pointing north
reinforcing current bullish conditions. The focus is on 110.53, a Fibonacci
retracement and 110.67, the May 21 high next. Initial support is at 109.79.

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.