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Free AccessRecoveries Will Be Benign While....>
DOLLAR-YEN TECHS: Recoveries Will Be Benign While Held Below Y109.37-Y109.47
*RES 4: Y110.14 61.8% Fibo of Y111.40-Y108.11
*RES 3: Y109.75/83 50% of Y111.40-Y108.11, May 25 high
*RES 2: Y109.37/47 38.2% Y111.40-Y108.11, recovery high May 28
*RES 1: Y109.11/23 Hourly recovery high May 29, May 28 low
*PRICE: Y108.92 @0919GMT
*SUP 1: Y108.35/40 Hourly support
*SUP 2: Y108.02/11 50% Fibo Y104.63-Y111.40, May 29 low
*SUP 3: Y107.78 Apr 13 high, now support
*SUP 4: Y107.39 Equality fall from Y109.83 to Y111.40-Y108.96
*COMMENTARY* Suffered 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. Tuesday we lost further support from Y108.95, resulting
in a fall towards the 50% Fibo retrace level at Y108.02. Resistance now from
Y109.11-Y109.23, with Y109.47 key above. Support Y108.40-Y108.35 but lose
Y108.02 and Y107.67-Y107.39 possible.
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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.