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Free AccessMNI: PBOC Net Drains CNY216 Bln via OMO Monday
Pullback So Far Holds Above Key....>
DOLLAR-YEN TECHS: Pullback So Far Holds Above Key Y110.65 Level
*RES 4: Y112.63 Jul 20 high
*RES 3: Y112.25/35 Hourly congestion Jul 19-20
*RES 2: Y112.05 Jul 19 low, now resistance
*RES 1: Y111.55/70 Jul 23 high, hourly high Jul 20
*PRICE: Y111.09 @1510GMT
*SUP 1: Y110.90 Hourly support
*SUP 2: Y110.65/75 8 week support line, 50% Fibo, Jul 23 low
*SUP 3: Y110.28 Jul 4 low
*SUP 4: Y110.05 61.8% Fibo of Y108.11-Y113.18
*COMMENTARY* Friday saw the pullback continue, after peaking at Y113.18 the day
before. Monday saw support from between Y111.14-Y110.96 give way, a low of
Y110.75, this protecting the next key support from Y110.65, a 50% Fibo retrace
level and the 8 week rising support line. The subsequent bounce through
Y111.30-Y111.35 has Y111.55-Y111.70 as resistance to any further progression. In
the interim, Y110.90 now acts as support against a fresh move lower.
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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.