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Recovery Opens 108.48..............>
DOLLAR-YEN TECHS: Recovery Opens 108.48 Resistance:
*RES 4: 109.37 61.8% April - August Decline
*RES 3: 109.32 High Aug 1 and a key resistance
*RES 2: 108.47/48 High Oct 1/Sep 18 High and bull trigger
*RES 1: 108.13 Intraday high
*PRICE: 107.92 @ 08:21 GMT Oct 11
*SUP 1: 106.81 Low Oct 8
*SUP 2: 106.48/47 Low Oct 10 / 50% retracement of Aug 26-Sep 18 rally
*SUP 3: 106.32/33 3.0% Low Sep 5 / Lower Bollinger Band
*SUP 4: 106.00 61.8% retracement of Aug 26-Sep18 rally
USDJPY is pushing higher as the pair continues to pull away from support at
106.48, Oct 4 low. Activity between Oct 3-7 confirmed a bullish candle pattern
known as a morning star reversal and this pattern continues to influence the
current move higher. Attention is on key resistance at 108.48, Sep 18 high where
a break would confirm a resumption of the bull trend that started on Aug 26.
This would open 109.32. Support for now lies at 106.81.
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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.