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Recovery Meets Resistance From.....>
DOLLAR-YEN TECHS: Recovery Meets Resistance From Dual Y110.49 Resistance
*RES 4: Y111.48 Jan 18 high
*RES 3: Y110.84 Nov 27 low, now resistance
*RES 2: Y110.72 76.4% Fibo of Y111.48-Y108.28
*RES 1: Y110.49 Jan 19 low, 1% volatility band
*PRICE: Y109.83 @0933GMT
*SUP 1: Y109.75 Feb 1 high, now support
*SUP 2: Y109.45 Jan 31 high, now support
*SUP 3: Y109.21/23 Jan 29,30 highs, hourly base Feb 1
*SUP 4: Y108.75/80 Congestion area Jan 26-Jan 31
*COMMENTARY* Continued to make recovery gains last week following on from last
month's Y108.28 base. Friday's further rise through Y109.88-Y110.19, now opens
the way for a higher correction of recent losses from Y111.48, with
Y110.49-Y110.84 now the next upside barrier to consider. As a result, support
also climbs, a series of former highs from between Y109.75-Y109.21 now providing
a potential cushion, back below the latter would caution now.
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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.