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Free AccessTesting Resistance *RES 4:.........>
DOLLAR-YEN TECHS: Testing Resistance
*RES 4: 109.38 High Apr 6
*RES 3: 108.85 50% retracement of the Mar 24 - May 6 decline
*RES 2: 108.59 High Apr 10
*RES 1: 108.09 High May 19
*PRICE: 107.77 @ 05:54 BST May 20
*SUP 1: 107.30 Low May 19
*SUP 2: 106.74 Low May 13
*SUP 3: 106.40 Low May 11
*SUP 4: 105.99 Low May 6 and 7 low and bear trigger
USDJPY rallied Tuesday, breaking 107.77, May 11 high. Furthermore, the pair also
tested and briefly probed the more important hurdle at 108.08, Apr 16 and 17
high. A clear break of 108.08 is required to signal a reversal. This would open
108.54, Apr 13 high and potentially 109.38, Apr 6 high further out. Key support
has been defined at 106.74, May 13 low. An inability to hold onto current highs
followed by a break of 106.74 would resume a bearish focus.
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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.