Resistance 3: 109.20

Resistance 2: 108.80

Resistance 1: 108.50/60

Latest New York: 107.88

Support 1: 107.60/70

Support 2: 107.20/30

Support 3: 106.80


Exponential reversal signal overnight, need to sell the rate. If short—let it work. Close under the 108.00 area significant today; look to add if rate can hit the stops in the 107.40/50 area near-term. Some topping seen; expect volatility. Today’s close under the 200 bar MA likely to draw some sympathy selling but watch volumes. Bids appear solid but so do offers; exporters on the offer all the way to the top overnight and active the past several days. Technical traders note fib defense area around today’s highs and never forget that the fundamentals haven’t changed one bit in the last week or so. USD likely not this strong but more benefiting from Yen weakness. Stops likely rolled up under the 107.40 area again for today so if a break happens—look for a drop to the 106.00 handle fairly quickly. Bulls likely to take gains by end of day again if rumored stops above the 108.60/70 area are left untouched.

Data due Thursday: All times EASTERN (-5 GMT)

Tentative JPY BOJ Governor Shirakawa Speaks

Analysis by: written by Jason Alan Jankovsky


Trading Futures and Options on Futures and Cash Forex transactions 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.