Free Trial

Recovery lacks bite: *RES 4:.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Recovery lacks bite:
*RES 4: 109.02 May 13 low
*RES 3: 108.80 High Jun 11
*RES 2: 108.35/53 Broken trendline off Jan 3 low/High Jul 1
*RES 1: 107.92 Intraday high
*PRICE: 107.72 @ 08:39 GMT July 3
*SUP 1: 107.53 Intraday low
*SUP 2: 107.10 Low Jun 26
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
*SUP 4: 105.65 Bear channel base
USDJPY bulls have so far failed to capitalise on the recent trendline break and
price action has moved back into the bear channel drawn off the Apr 24 high.
Recovery efforts remain shallow further highlighting yesterday's bearish
engulfing candle pattern and the short-term risk for USDJPY weakness. Support at
107.10 has been exposed. A break here would open the key level at 106.78. On the
upside, a move above 108.53 is required to change the outlook.

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.