Richard Perry
Independent Analyst
Another fascinating move has been seen on the chart of Dollar/Yen. With the key medium term support at $118.30 within touching distance the bulls have returned to end six straight days of selling pressure to post a higher low at 118.50. The daily momentum indicators which continue to flow around neutral have subsequently started to pick up again, with the ranging Stochastics giving a positive crossover. An interesting move has also been seen on the hourly chart, with the pivot level around 119.40 having initially held back the rally late yesterday evening, on second thoughts the bulls are now breaking through. This is giving Dollar/Yen a more positive outlook within the medium term consolidation range. Even the hourly MACD lines are at a 9 day high. Initial resistance is at 119.75 with the first real test at 120.00. It is also possible to get a 120.00 implied target from a small double bottom base pattern formed above 119.25 too. That leaves an initial support band between 119.00/119.25.
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