FOREX TREND (Trendsetter)
 

DOLLAR-YEN TECHS: Consolidation seen before further gains
RES 3 Y100.56 04 Nov 08' high
RES 2 Y99.69 05 Mar high
RES 1 Y99.36 Hourly res
CURRENT LEVEL: Y99.05
SUP 1 Y98.44 Hourly sup
SUP 2 Y97.59 06 Mar NY sup
SUP 3 Y96.57 06 Mar low
COMMENTARY: Correction from last week's high at Y99.69 may have ended at Y96.57, consolidation with upside bias remains for further gains to Y99.40/45 but only breach of that top confirms rise from Jan low at Y87.10 has resumed, for gains to psychological Y100.00, then daily resistance at Y100.56.
EURO-YEN TECHS: Upside bias intact while Y123.98 support holds
RES 3 Y126.09
RES 2 Y125.75
RES 1 Y125.50
CURRENT LEVEL: Y125.05
SUP 1 Y123.98
SUP 2 Y123.56
SUP 3 Y122.39
COMMENTARY: Despite retreat after yesterday's rally to Y125.50, while Y123.98 support holds, upside bias remains for another rise but breach of Y126.09 needed to signal upside break of Y121.73-Y126.09 range, extend to Y126.50/60. Breach of Y123.80 prolongs choppy trading, risk weakness to Y123.00/10.
EURO-DOLLAR TECHS: Below $1.2555 risks stronger retreat
RES 3 $1.2811 26 Feb high
RES 2 $1.2755 06 Mar high
RES 1 $1.2663 09 Mar NY high
CURRENT LEVEL: $1.2633
SUP 1 $1.2555 09 Mar sup
SUP 2 $1.2482 05 Mar low
SUP 3 $1.2457 04 Mar low
COMMENTARY: Today $1.2755 likely to hold on 1st test, below $1.2555 risks stronger retracement of rise from $1.2457 to $1.2514 (80.9% of $1.2457-1.2755) but only breach of pivotal support at $1.2482 to signal M-T downtrend from $1.4720 (Dec '08) has resumed instead, bring re-test of $1.2457.