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Technical Analysis: USD/JPY

Posted by Chris Advincula on May 1, 2013 4:43:00 AM

May 1 Wednesday 8:43 GMT

DOLLAR-YEN TECHS: Holds Above 38.2% At 97.13


RES 4: 100.19 Monthly Ichimoku cloud top
RES 3: 99.90/95 Apr 22 high, Apr 11 high
RES 2: 99.40 1.00% upper MA envelope
RES 1: 98.16/19/21/46 21-DMA, 38.2% 135.15-75.35, 23.6% 92.57-99.95, Tenkan

LATEST PRICE: 97.58

SUP 1: 97.01 Low Apr 30
SUP 2: 96.44/64/71 2.00% MA envelope base, Jan 23 support line, Mar 12 high
SUP 3: 96.26 Kijun line & 50.0% of 92.57-99.95
SUP 4: 95.69/80 55-DMA, Apr 16 low

COMMENTARY: Dollar-yen continues to slide, last session ended lower after
testing resistance and support while daily studies trend lower. Initial support
now at 97.01, the Apr 30 low, a break below here could see bears test the Jan
23 support line, part of further support at 96.64. However, failure to move lower may
target initial res, still at 98.16/19/21/46, these being the 21-DMA, 38.2% of
135.15-75.35, 23.6% of 92.57-99.95 and daily Tenkan line.

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