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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 29, 2013 2:45:00 AM

April 29 Monday Monday 6:45 GMT


DOLLAR-YEN TECHNICALS: Potential Double-Top & Mixed Studies


RES 4: 100.51/65 Feb 11 resistance line, 2.00% upper MA envelope
RES 3: 100.19 Monthly Ichimoku cloud top
RES 2: 99.67/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high
RES 1: 98.19/21/56 38.2% 135.15-75.35, 23.6% 92.57-99.95, Daily Tenkan line


LATEST PRICE: 97.73


SUP 1: 97.13 38.2% of 92.57-99.95
SUP 2: 96.71 Mar 12 high
SUP 3: 96.26/40 Kijun line & 50.0% of Y92.57-99.95, Jan 23 support line
SUP 4: 95.80 Apr 16 low


COMMENTARY: Dollar-yen declines through support after failing to break above
99.95, following daily stochastic study lower but 10-day momentum turns higher.
Initial support now seen at 97.13, the 38.2% of 92.57-99.95, just below the
hourly low at 97.35. Bulls will aim higher, hoping to move back above the 23.6%
level at 98.21, however weekly studies continue to slip from overbought levels.
Further support at 96.71, the Mar 12 high.

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