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Japanese Yen Rockets Through 109.00

By Sam Shenker
14 June 2005 06:47 GMT
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.

 
Key Levels

Level
Resistance
Details
110.71
Major
Sep 3 daily high
110.21
Intermediate
Oct 13 daily spike high
109.83
Minor
Sep 30 daily spike low
Level
Support
Details
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

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14 June 2005 06:47 GMT