Free Trial

Y109.83-Y109.90 Provides...........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Y109.83-Y109.90 Provides Resistance To Rally Attempts
*RES 4: Y110.84 Initial pullback low May 22, now res'tce
*RES 3: Y110.45/46 Broken bull channel base, May 15 high 
*RES 2: Y110.20 Hourly congestion May 23
*RES 1: Y109.83/90 May 25 high, hourly resistance 
*PRICE: Y109.47 @0823GMT
*SUP 1: Y109.12/15 May 25 low, 1% volatility band
*SUP 2: Y108.81/95 38.2% of Y104.63-Y111.40, May 24 low
*SUP 3: Y108.65 May 4 low
*SUP 4: Y108.41 1.618 swing of Y108.95-Y109.83
*COMMENTARY* The appearance of a 'shooting star' candle close on the daily chart
last Monday was the warning and precursor to the subsequent decline, which broke
beneath key Y109.15 support on Thursday. A low of Y108.95, before encountering
some near term oversold conditions. In this respect, Y109.83-Y109.90 provides
immediate resistance, Y110.20-Y110.46 thereafter. Support Y109.15-Y109.12, below
would caution, Y108.81-Y108.41 on loss of Y108.95.

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.