Free Trial

Pullback Viewed As A Correction....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Pullback Viewed As A Correction
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.29 High Oct 30 and key resistance
*PRICE: 108.76 @ 05:57 GMT Nov 7
*SUP 1: 108.56 Low Nov 5
*SUP 2: 108.19/107.89 Channel base drawn off Aug 26 low / Low Nov 1
*SUP 3: 107.85 Low Oct 11
*SUP 4: 107.44 38.2% retracement of Aug 26 - Oct 30 rally
USDJPY pulled back yesterday and has followed through in the Asia session.
Overall though, the outlook remains bullish. Trendline support managed to hold
last week despite strong selling pressure. The trendline is drawn off Aug 26 low
and intersects at 108.19. The rebound off the trendline has brought back into
focus last weeks 109.29 high, Oct 30. A break would confirm a resumption of the
uptrend, opening 109.93 next. First support 108.56.

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.