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Free AccessY109.51-Y109.61 On Sustained.......>
DOLLAR-YEN TECHS: Y109.51-Y109.61 On Sustained Break Above Y109.19
*RES 4: Y110.00/27 2% vol band, 61.8% Fibo of Y113.75-Y104.63
*RES 3: Y109.79 Feb 8 high,
*RES 2: Y109.61 1.618 swing of Y109.20-Y108.54
*RES 1: Y109.51 1.618 projection target from Y105.66
*PRICE: Y109.20 @0832GMT
*SUP 1: Y108.70/80 Hourly support
*SUP 2: Y108.54 Apr 24 low
*SUP 3: Y108.36 Hourly base Apr 23
*SUP 4: Y107.78 Apr 13 high, now support
*COMMENTARY* Having capped the rally on Tuesday, the 50% Fibo retrace level at
Y109.19 is under assault today. A sustained break will allow Y109.51-Y109.61
next, a projection target from the Apr 2 base at Y105.66 and the swing of the
recent Y109.20-Y108.54 pullback. Meanwhile, nearest support rises to
Y108.80-Y108.70 and then importantly that Y108.54 low. Support from Y108.65
should really have held the dip yesterday. Y110.00-Y110.27 next targets higher.
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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.