Free Trial

Recovery Continues After Test To...>

DOLLAR-YEN TECHS: Recovery Continues After Test To 50% Fibo Retrace Level
*RES 4: Y111.36/40 Equality rise from Y109.20, May 21 high
*RES 3: Y110.93/08 1.618 swing Y110.27-Y109.20, May 18 high
*RES 2: Y110.80 1% volatility band
*RES 1: Y110.62 76.4% Fibo of Y111.40-Y108.11
*PRICE: Y110.26 @0835GMT
*SUP 1: Y109.85/95 Hourly support
*SUP 2: Y109.50 Hourly congestion area Jun 8-11
*SUP 3: Y109.20 Jun 8 low, 50% of Y108.11-Y110.27
*SUP 4: Y109.08 May 30 high, now support
*COMMENTARY* Following last Wednesday's rally to Y110.27, the subsequent
pullback aided by some overbought hourly conditions, came to rest at Y109.20, a
50% Fibo retrace of the preceding rally from Y108.11. The following recovery has
today moved back through Y110.05-Y110.27, clearance here allowing the chance of
a better Y110.62-Y110.80 rise next. Support rises to Y109.95-Y109.85 but Y109.50
still protects the downside from another inquisition.

To read the full story



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.