DOLLAR-YEN TECHS: Previous Highs The Barrier To A....
DOLLAR-YEN TECHS: Previous Highs The Barrier To A Y119.63 Test
*RES 4: Y120.22 1.618 swing of Y118.64-Y116.08
*RES 3: Y119.63 76.4% Fibo of Y125.82-Y99.58, 2% vol band
*RES 2: Y118.64 Dec 15 high
*RES 1: Y118.23 Dec 20 high
*PRICE: Y118.16 @0956GMT
*SUP 1: Y117.45/65 Hourly support, Jan 2 high
*SUP 2: Y117.23 Intraday low
*SUP 3: Y116.85 Initial recovery high Dec 30, now support
*SUP 4: Y116.53/54 Dual hourly basing area Dec 30
*COMMENTARY* After a sojourn over the second half of last month, the upside is up and running again, the previous Y118.23-Y118.64 highs are now the precursor to an eventual attempt on the remaining Fibo resistance at Y119.63. Support in the interim, rises to Y117.65-Y117.45, loss of the latter would currently be a near term concern and suggest that in the near term, the rally was running out of steam. Above Y119.63 and the swing target at Y120.22 is next focus.