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Free AccessStill Seen Heading North *RES 4:...>
DOLLAR-YEN TECHS: Still Seen Heading North
*RES 4: 111.45 1.236 projection of Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 110.53/67 76.4% of the Apr 24 - Aug 26 decline / High May 21
*RES 2: 110.36 High May 23
*RES 1: 110.21 High Jan 14
*PRICE: 109.98 @ 16:37 GMT Jan 15
*SUP 1: 109.45 Low Jan 13
*SUP 2: 109.01 Low Jan 9
*SUP 3: 107.62 Low Jan 8
*SUP 4: 107.10 50% retracement of the Aug 26 - Dec 2 rally
Despite finding some resistance Tuesday, USDJPY remains bullish. This week's
break of the key former resistance at 109.73, Dec 2 high reinforces the positive
tone. The break represents a significant bullish development and confirms a
resumption of the underlying bull trend that has been in place since Aug 26 last
year. It has opened 110.53, a Fibonacci retracement and the 110.67, May 21 high
next. Initial support is seen at 109.45, Monday's low.
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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.