As the pair remains above the 109.00 figure, dollar bulls will most likely attempt to push the pair above the 110.00 handle. A move by the yen traders will most likely see the pair test the bids around 108.88, a previous 2005 high and a point of a breakout. Indicators signal trend reversal, with ADX (DMI) dropping to 23.74. Stochastic is neutral on the daily chart at 70.21 with Stochastic on the 4-hour chart treading above the overbought line at 92.55, thus providing yen bulls with a chance to mount a counterattack. RSI is treading below the overbought line at 64.37 on the daily chart, with dealer (4HR) chart RSI overbought at 75.88. MACD has made a bullish crossover above the zero line on the daily chart, with MACD on the 4-hour chart treading well above the zero line.
|110.71||Major||Sep 3 daily high|
|110.21||Intermediate ||Oct 13 daily spike high|
|109.83||Minor||Sep 30 daily spike low|
|108.85||Minor||June 1 daily spike high|
|107.89||Intermediate||61.8 Fib of the 111.69-101.74 JPY rally|
|107.27||Major||June 10 daily low|