|
Technical Archives |
Written by FX Solutions |
Aug 13 10 18:26 GMT
|
Yen Strength
The euro yen has had some of its bearish momentum slow down near the 110 area. The 6 hour chart is highlighting that we could see further weakness in the euro yen approach the 107.51 level. Our bearish bias will remain intact as long as we do not see a close above the 200 day simple moving average. If we see a rally in the euro yen towards 111.00 area, traders could target that as an area to trigger a bearish reversal. If our 107.51 targetis breached, traders will find critical support at the 106.10 area which is the 78.6% retracement of the 2001 low to 2008 high.
|
About the AuthorFX Solutions
IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law.
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
