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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 26, 2013 3:23:00 AM

April 26 Friday 7:25 GMT

DOLLAR-YEN TECHS: Notes Potential Double-Top

RES 4: 101.45/81 Reversal high Apr 2009, 3.00% MA envelope top
RES 3: 100.82 2.00% upper MA envelope
RES 2: 100.19/40 Monthly Ichimoku cloud top, Feb 11 res line
RES 1: 99.83/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high


SUP 1: 98.49 Low Apr 23
SUP 2: 98.19/21 38.2% 135.15-75.35, 23.6% of 92.57-99.95
SUP 3: 97.63/64/85 Apr 18 low, 21-DMA, Tenkan line
SUP 4: 97.13 38.2% of 92.57-99.95

COMMENTARY: Dollar-yen still hanging around just below the Apr 11 high at
99.95, bulls still eye above this level but have yet to break above into
territory above 100.00. We continue to note the potential double-top pattern,
the base is at 95.80, the Apr 16 low, break below here confirms the reversal
and target a measured move to 91.65. Daily studies are mixed, 10-day momentum has
declined for a while and slow stochastic is overbought but may reverse lower.

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