Free Trial

Swing Target At Y108.41 Provides...>

DOLLAR-YEN TECHS: Swing Target At Y108.41 Provides Near Term Support
*RES 4: Y109.83 May 25 high
*RES 3: Y109.47 Hourly recovery high May 28
*RES 2: Y109.23 May 28 low, now resistance
*RES 1: Y108.95/05 Hourly resistance 
*PRICE: Y108.75 @0915GMT
*SUP 1: Y108.41 1.618 swing of Y108.95-Y109.83
*SUP 2: Y108.02 50% Fibo of Y104.63-Y111.40
*SUP 3: Y107.78/87 Apr 13 high, 2% volatility band
*SUP 4: Y107.39 Equality fall from Y109.83 to Y111.40-Y108.96
*COMMENTARY* The appearance of a 'shooting star' candle close on the daily chart
last Monday was the warning and precursor to the subsequent decline, which broke
beneath key Y109.15 support last Thursday. Today we have lost support from
Y108.95, leaving the swing target at Y108.41 to protect the downside from a
further Y108.02-Y107.87 fall. The equality fall at Y107.39 below. Resistance
Y108.95-Y109.05, Monday's Y109.23 low then next above.

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.