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Technical Analysis: USD/JPY

Posted by Chris Advincula on Apr 30, 2013 4:02:00 AM

April 30 Tuesday 8:00 GMT

DOLLAR-YEN TECHNICALS: Slow Stochastic Slides, Bulls Test Initial Resistance


RES 4: 100.58/62 2.00% upper MA envelope, Feb 11 res line
RES 3: 100.19 Monthly Ichimoku cloud top
RES 2: 99.60/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high
RES 1: 98.19/21/63 38.2% 135.15-75.35, 23.6% of 92.57-99.95, Daily Tenkan line


LATEST PRICE: 97.75


SUP 1: 97.13/35/44 38.2% of 92.57-99.95, Low Apr 29, 1.00% MA envelope base
SUP 2: 96.52/64/71 Jan 23 support line, 2.00% MA envelope base, Mar 12 high
SUP 3: 96.26 Kijun line & 50.0% of 92.57-99.95
SUP 4: 95.63/80 55-DMA, Apr 16 low


COMMENTARY: Dollar-yen slips a little further while daily slow stochastic study
accelerates to the downside, 10-day mom meanders around zero-line but monthly
studies still bullish. Initial resistance at 98.19/21/63, the 38.2% 135.15-75.35,
23.6% 92.57-99.95 and the daily Tenkan. Break above here would greatly encourage
bulls back into an upward trend, but failure could send the pair lower. Initial
support at 97.13/35/44, the 38.2% of 92.57-99.95, low Apr 29 and 1% MA envelope base.

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