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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 24, 2013 7:37:00 AM

April 24 Wednesday 11:30 GMT

DOLLAR-YEN TECHS: Long Lower Shadow - Bulls Still Eye 99.95


RES 4: 101.91 Upper daily Bollinger band
RES 3: 101.45/53 Reversal high Apr 2009, 3.00% MA envelope top
RES 2: 100.18/19/53 Feb 11 res line, Mthly Ichimoku top, 2.00% upper MA env
RES 1: 99.90/95 Apr 22 high, Apr 11 high

LATEST PRICE: 99.38

SUP 1: 98.49 Low Apr 23
SUP 2: 98.10/19/21 Supp line Apr 4, 38.2% Y135.15-75.35, 23.6% of 92.57-99.95
SUP 3: 97.63/85 Apr 18 low, Tenkan line
SUP 4: 97.13/18 38.2% of 92.57-99.95, 21-DMA

COMMENTARY: Dollar-yen left a long-lower shadow yesterday, cautioning bears,
despite the large negative divergence on 10-day momentum. Price action continues
to hang around just below the Apr 11 high of 99.95, with bulls chomping to
retest this level and break above. Further res seen at 100.18/19/53, the Feb 11
res line, mthly Ichimoku top and 2.00% upper MA env. Continued failure to break
above could send the pair lower, the Apr 4 supp line lies at 98.10.

Peter Burnside & Kyle Shortland

Market News International 

 

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