Free Trial

Testing The 20-day EMA

DOLLAR-YEN TECHS
  • RES 4: 106.55 High Sep 3
  • RES 3: 106.38 High Sep 8
  • RES 2: 105.99 50-day EMA
  • RES 1: 105.53 20-day EMA
  • PRICE: 105.45 @ 06:02 BST Sep 24
  • SUP 1: 104.41 Low Sep 22
  • SUP 2: 104.00 Low Sep 21
  • SUP 3: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high
  • SUP 4: 103.51 1.764 proj of the Aug 13 - 19 rally from Aug 28 high

USDJPY pushed higher again ahead of the close Wednesday to extend this week's bounce. The pair has this week defined a firm support at 104.00, the Monday low, and this level also represents a near-term bear trigger. A resumption of weakness and clearance of 104.00 would open 103.80 and 103.51, both Fibonacci projections. On the upside, price is testing the 20-day EMA at 105.51. A break would open 105.99, the 50-day EMA.

To read the full story

Close

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.