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Dollar/yen Recovers Half of Recent Losses

Posted by WorldWideMarkets . on Oct 16, 2013 2:58:00 AM

With Tuesday’s peak of 98.70 for the dollar/yen, the highest since Oct 1, the dollar has regained half  of its losses from the Sept 11 peak of 100.60 to the low of 96.55 on Oct 8 when it bounced off the 200-day simple moving average.

 The 61.8 percent Fibonacci retracement comes at around 99 which will be the next resistance level near term.


At the current 98.42 yen, the dollar is also now trading above the 50-day simple moving average of 98.29 and the 100-day simple moving average of 98.48 with both those levels providing support.

 

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