Free Trial

S/T Bounce Considered A............>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: S/T Bounce Considered A Correction
*RES 4: 108.59 High Apr 10
*RES 3: 108.08 High Apr 16 and 17 and key resistance
*RES 2: 107.64 20-day EMA
*RES 1: 107.50 Apr 30 Recovery High
*PRICE: 106.77 @ 16:38 BST May 1
*SUP 1: 106.36 Low Apr 29 and bear trigger
*SUP 2: 105.81 Low Mar 17
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low Mar 13
USDJPY bulls were granted a brief reprieve Thursday as the pair bounced up to
107.50. The move, however, is so far insufficient to reverse the trend. Moving
average studies continue to suggest a downtrend remains intact reinforcing the
bearish theme. Attention is on Wednesday's low of 106.36 where a break would
open the next objectives at 105.81, Mar 17 low and 105.21, the 61.8%
retracement. Key resistance remains 108.08, the Apr 16 and 17 high.

To read the full story

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.