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Technical Analysis: USD/JPY resistance at 102.80

Posted by Chris Advincula on May 21, 2013 6:23:00 AM

From Market News International

May 21 Tuesday 10:25 GMT

DOLLAR-YEN TECHNICALS: Holding Above Feb 11 Former Resistance Line

RES 4: 105.50 61.8% Fibonacci of 124.14 to 75.35
RES 3: 103.78/80/87 Reversal low June 2012, Weekly Bolli top, Daily Bolli top
RES 2: 103.31 High May 17
RES 1: 102.76 High May 15


SUP 1: 102.27 Feb 11 former resistance line - now support
SUP 2: 101.71 1.00% MA envelope top
SUP 3: 101.45 Reversal high Apr 2009
SUP 4: 100.98 Daily Tenkan line

COMMENTARY: Dollar-yen just about holding above the former Feb 11 resistance
line turned support, now at 102.27 which dol-yen has crept below but closed
above for the past seven sessions. A close below could spur a correction,
support seen at 101.71, the 1% MA envelope top, and further support at 101.45,
the Apr 2009 reversal high. However, bulls look to retest 103.31, the May 17
high, to continue the bullish trend, while monthly studies continue to rise. resized 600

Chart: WorldWideMarkets Flash Trader

Topics: $USDJPY, forex trading, European Session, technical analysis, Currency Trading, support and resistance levels


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