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Free AccessVulnerable Following Channel.......>
DOLLAR-YEN TECHS: Vulnerable Following Channel Break
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.49 High Nov 7 and bull trigger
*RES 1: 108.86 High Nov 14
*PRICE: 108.63 @ 10:28 GMT Nov 15
*SUP 1: 108.24 Low Nov 14
*SUP 2: 107.89 Low Nov 1 and key support
*SUP 3: 107.57 38.2% retracement of the Aug 26 - Nov 7 rally
*SUP 4: 107.04 Low Oct 10
USDJPY traded below support at 108.54 Thursday, the base of a channel drawn off
the Aug 26 low. The break allows for a deeper correction and has opened 107.89
initially, Nov 1 low. Clearance of this support would pave the way for a move to
107.57, 38.2% of the Aug 26 - Nov 7 rally. The 50% retracement is at 106.97.
Initial resistance is Thursday's intraday high of 108.86. A break above 108.86
and 109.00 is required to signal a return to bullish behaviour.
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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.