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Free AccessUpside Break On The Cards *RES.....>
DOLLAR-YEN TECHS: Upside Break On The Cards
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.06 200-DMA
*RES 1: 109.04 High Oct 28
*PRICE: 109.01 @ 16:24 GMT Oct 28
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.63 Trendline support drawn off Aug 26 low
USDJPY consolidation is seen as a pause in the uptrend with the outlook still
bullish. The recent consolidation appears to have taken on the shape of a bull
flag, reinforcing the bullish theme and the likelihood of higher prices
near-term. The focus is on a test of the 200-DMA at 109.06 where a clear break
would open 109.32, Aug 1 high and 109.93, May 30 high. The initial trigger for
gains was at 108.94, which the pair cracked Monday. Trendline support drawn off
the Aug 26 low is at 107.63.
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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.