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Technical Analysis: USD/JPY

Posted by Chris Advincula on May 3, 2013 5:27:00 AM

May 3 Friday 9:27 GMT

DOLLAR-YEN TECHNICALS: Bounces From 38.2% - Bulls Eye 21-DMA & Tenkan


RES 4: 100.19/24/27 Mthly Ichimoku top, 2% upper MA env, Daily Bollinger band top
RES 3: 99.90/95 Apr 22 high, Apr 11 high
RES 2: 99.26 1.00% upper MA envelope
RES 1: 98.19/21/39/47 38.2% 135.15-75.35, 23.6% 92.57-99.95, Tenkan, 21-DMA

LATEST PRICE: 98.00

SUP 1: 97.13/35/41 38.2% of 92.57-99.95, Low Apr 29, 1.00% MA envelope base
SUP 2: 97.01/02 Low Apr 30, Low May 1
SUP 3: 96.68/71/89 Lower daily Bollinger band, Mar 12 high, Jan 23 support line
SUP 4: 96.26/29/31 Kijun line & 50.0% of 92.57-99.95, 2.00% MA envelope base


COMMENTARY: Dollar-yen failed to break below the 38.2% level again, despite the
bearish daily studies. Yesterday, bulls attempted to break above the 21-DMA and
daily Tenkan line, now the top half of our initial resistance level at 98.19/21/39/47,
these being the 38.2% of 135.15-75.35, 23.6% of 92.57-99.95, daily Tenkan line
and 21-DMA. A break above here could send daily studies higher and start a
bullish trend. However, bears will look to test the Jan 23 supp line at 96.89.

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