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Technical Analysis: USD/JPY

Posted by Chris Advincula on May 16, 2013 6:34:00 AM

from Market News International

May 16 Thursday 10:35 GMT

 

DOLLAR-YEN TECHNICALS: Testing Support - Overbought Studies May Spur Consolidation

RES 4: 103.78 Reversal low June 2012
RES 3: 103.09 Upper weekly Bollinger band
RES 2: 102.71/76 3.00% MA envelope top, High May 15
RES 1: 102.43 High May 14

LATEST PRICE: 102.60

SUP 1: 101.72/94 2.00% MA envelope to, Feb 11 former res line - now support
SUP 2: 101.45/51 Reversal high Apr 2009, p
SUP 3: 100.54/67/72/79 May 10 low, Daily Tenkan line, 1% MA env top, May 9 high
SUP 4: 99.57/90/95 21-DMA, Apr 22 high, Apr 11 high

COMMENTARY: Dollar-yen hits another new high yesterday but price action today
lower and already testing the Feb 11 former resistance line, now at 101.94.
Studies are bullish but overbought and we may see a little light consolidation
if the pair breaks below initial support, especially as daily studies suggest
the potential for a reversal. However, if the pair holds above the Feb 11 former
resistance line we expect a test of resistance, initial resistance at 102.43, the May 14 high.

 

yen.5.16.tech resized 600

Chart: WorldWideMarkets Flash Trader

 

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