Free Trial

Recoveries Will Be Benign While....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Recoveries Will Be Benign While Held Below Y109.47
*RES 4: Y109.83 May 25 high
*RES 3: Y109.47 Hourly recovery high May 28
*RES 2: Y109.11/23 Hourly recovery high May 29, May 28 low
*RES 1: Y108.95 May 24 low, now resistance
*PRICE: Y108.65 @0900GMT
*SUP 1: Y108.30/40 Hourly support
*SUP 2: Y108.02/11 50% Fibo Y104.63-Y111.40, May 29 low
*SUP 3: Y107.67/78 2% volatility band, Apr 13 high
*SUP 4: Y107.39 Equality fall from Y109.83 to Y111.40-Y108.96
*COMMENTARY* Still suffering from the appearance of a 'shooting star' candle
close on the daily chart last Monday, which resulted in a break beneath key
Y109.15 support last Thursday. Yesterday we lost further support from Y108.95,
resulting in a fall towards the 50% Fibo retrace level at Y108.02. Resistance
now from Y108.95-Y109.23, with Y109.47 key above. Support Y108.40-Y108.30 but
lose Y108.02 and Y107.67-Y107.39 possible.

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.