Free Trial

Support Layers Accumulating *RES...>

DOLLAR-YEN TECHS: Support Layers Accumulating
*RES 4: Y110.84 55-DMA 
*RES 3: Y110.77 Bollinger band top 
*RES 2: Y110.67 High Aug 31 
*RES 1: Y110.48 High Sept 1
*PRICE: Y110.02 @ 0210GMT
*SUP 1: Y109.58 Hourly resistance Sept 12 now support 
*SUP 2: Y109.23 Low Sept 12 
*SUP 3: Y108.97 Hourly resistance Sept 7a now support 
*SUP 4: Y108.70 Hourly resistance Sept 7 now support
*COMMENTARY: Failure to capitalise on Friday's fresh 2017 and 10tmh lows has
resulted in a correction and close above Y109.93 which confirms a shift in
immediate focus to Y110.67-111.33 where 55 (Y110.80) & 100 (Y111.14) DMAs are
located. Above Y111.33 remains needed to target the 200-DMA (Y112.31). Layers of
support are building with bears now needing a close below Y109.23 to ease
renewed bullish pressure and below Y108.70 to return focus to 2017 lows.

To read the full story


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.