2 May 2001, 16:32 USD/JPY bottomed out at an 8-day low of 121.55 in Asia on selling
USD/JPY bottomed out at an 8-day low of 121.55 in Asia on selling
attributed to a U.S. investment bank in Tokyo. The pair climbed back into
positive territory on talk of bids in defense of a 121.50 option play.
Resistance comes at 122.50 from the Gann 50-point pivot that targets
122.00 and 123.00.
The outlook is slightly bullish.
Support: 121.55 (overnight low), 121.05 (Gann 50-point pivot; targets:
120.55/121.55), 120.95 (April 19 low), 120. (60-day moving average),
119.65 (Gann 50-point pivot; targets: 119.15/120.15), 119.00 (38.2%
Fibonacci retracement level of the August 1998-December 1999 downtrend).
Resistance: 122.22 (overnight high), 122.50 (Gann 50-point pivot;
targets: 122.00/123.00), 123.16 (20-day moving average), 124.00 (Gann
50-point pivot; targets: 123.50/124.50), 124.35 (April 27 peak).
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