As the Yen bulls remain indecisive a move to the down side will most likely be capped by the 108.88 level, a previous 2005 high and a major support for the dollar longs. A move to the upside will most likely be capped by the 109.71. Indicators signal trend reversal, with ADX (DMI) dropping to 26.71. Stochastic is above the overbought line on the daily chart at 89.69 with Stochastic on the 4-hour chart neutral at 41.99, thus providing yen bulls with a chance to mount a counterattack. RSI is treading below the overbought line at 62.32 on the daily chart, with dealer (4HR) chart RSI also neutral at 60.43. MACD has made a bullish crossover above the zero line on the daily chart, while the MACD on the 4-hour chart has made a bearish crossover 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|