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Technical Analysis: USD/JPY

Posted by Chris Advincula on May 17, 2013 7:03:00 AM

From Market News International

May 17 Friday 11:05 GMT

 

DOLLAR-YEN TECHNICALS: Testing Support - 10-Day Momentum Shows Negative Divergence

RES 4: 103.78 Reversal low June 2012
RES 3: 103.01/10/11 3.00% MA envelope top, Upper weekly & daily Bollinger bands
RES 2: 102.76 High May 15
RES 1: 102.43 High May 14

LATEST PRICE: 102.38

SUP 1: 102.01/05 2.00% MA envelope top, Feb 11 former res line - now support
SUP 2: 101.45 Reversal high Apr 2009
SUP 3: 100.54/67/79 May 10 low, Daily Tenkan line, May 9 high
SUP 4: 99.77/90/95 21-DMA, Apr 22 high, Apr 11 high

COMMENTARY: Dollar-yen holds above the Feb 11 former resistance line, still initial
support now at 102.05, just above the 2.00% MA envelope top at 102.01. 10-day
momentum shows negative divergence while daily and weekly slow stochastic study are
overbought, a break below initial supp may spur some consolidation, further key
support around 100.36/54/67, the 23.6% 92.57-102.76, the May 10 low and Tenkan
line. Otherwise, bulls will attempt to break above the May 15 high at 102.76.

 

yen.tech.5.17 resized 600

Chart: WorldWideMarkets Flash Trader

 

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