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Technical Analysis: USD/JPY

Posted by Chris Advincula on May 13, 2013 7:19:00 AM

from Market News International

May 13 Monday 11:20 GMT

DOLLAR-YEN TECHS: Holds Above 100.00 But Studies Becoming Overbought


RES 4: 105.50 61.8% Fibonacci of 124.14 to 75.35
RES 3: 103.78 Reversal low June 2012
RES 2: 102.98 Upper weekly Bolli band
RES 1: 102.11/15 3.00% MA envelope top, Hourly high

LATEST PRICE: 101.60

SUP 1: 101.61 Feb 11 former resistance line - now support
SUP 2: 101.44/45 Daily Bollinger band top, Reversal high Apr 2009
SUP 3: 100.54/79 May 10 low, May 9 high
SUP 4: 99.90/95 Apr 22 high, Apr 11 high

COMMENTARY: Dollar-yen still above Y101.00 and is finding support now from the
former Feb 11 resistance line at 101.61, bears currently test this initial
support level. Below here, supp at 101.44/45, the daily Bollinger band top and
Apr 2009 reversal high. A reversal of sentiment may only occur if bears manage
to move back below Y100.00 level, but studies are bullish and initial res at
102.11/15 the 3.00% MA envelope top and hourly high, which bulls look to test.

 

jpy.tech.5.13 resized 600 

Chart: WorldWideMarkets Flash Trader

 

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