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Free AccessPullback Most Likely A.............>
DOLLAR-YEN TECHS: Pullback Most 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: 109.95 @ 16:42 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 Tuesday's 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.
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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.