التحليل الفني:تواصل تراجع زوج الدولار الأمريكي/ الين الياباني من أعلى قمة وصلها 118.60


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(Feb 23 Thursday) Dollar yen continues to decline from the double-top formation at 118.60 which was tested twice 118.66 (Dec 15) and 118.61 (Jan 3) and has eased down to the support and low of 111.60 (Jan 6). There is ample support at the Fibonacci 111.97 (38.20%) retracement line which corresponds to the 14-day RSI level of 37.20. This particular level of 112.00 – 111.60 lends some significance, appearing as a short-term consolidation line. If broken, the next potential price objective could be the 110.00 – 109.91 (Fibo 50.00%) which is also within the descending channel formation on the daily chart.

The tops are also showing weak rebounds from high of 118.60 (Jan 3) to 117.00 (Dec 9) to the recent 115.00 high (Feb 14). The 14 day moving average (green line) fell from 117.50, met support at 113.45 and 112.10 (Jan 8). Both the 14 DMA and 30 DMA forms a resistance line at 114.00. They both converge at 113.40 yesterday, with the heavier 30 DMA easing to 113.25.

The 14 day RSI (relative strength index) chart depicted a small rebound from the 30 oversold level where the spot price bounced from 112.50 (Dec 16) to a small rebound to 115.50 (Dec 19).

Joseph Trevisani

Chief Market Strategist