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Free AccessMNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday
Support At 108.99 Breached *RES....>
DOLLAR-YEN TECHS: Support At 108.99 Breached
*RES 4: 110.96 High May 6
*RES 3: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 2: 109.93 High May 30
*RES 1: 109.73 High Dec 2 and key resistance
*PRICE: 108.70 @ 05:52 GMT Dec 31
*SUP 1: 108.63 Intraday low
*SUP 2: 108.43 Low Dec 4 and Low Dec 9
*SUP 3: 108.24 Low Nov 14 and key support
*SUP 4: 107.89 Low Nov 1
Sharp losses dominated price action in USDJPY yesterday. The pair cleared
initial support at 108.99, Dec 19 low. While a pullback is considered
corrective, the break of 108.99 does suggest scope for a deeper near-term
correction with the next supports located at 108.43 and 108.24. A break through
these levels and below 107.89, Nov 1 low would signal scope for a stronger
reversal. A move above 109.73, Dec 2 high is needed to resume the uptrend.
To read the full story
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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.