Resistance 3: Y104.70
Resistance 2: Y103.65
Resistance 1: Y103.20
Current price: Y100.15
Support 1: Y100.05
Support 2: Y99.70
Support 3: Y95.88
Comments: The yen rose toward a six-month high against the dollar after the
International Monetary Fund said the world economy is headed for a
recession next year, with expansion in the U.S. forecast to grind to a
halt. The yen also gained on speculation a global stocks sell-off will prompt investors to reduce
holdings of higher-yielding assets financed in Japan, known as carry
trades. The dollar may weaken further against Japan's currency as the Federal
Reserve signals it's prepared to lower interest rates as a credit
crisis grips the global economy.
Resistance comes at Y103.20 (50% of the resent fall),
Y103.65 (Tenkan line of Ichimoku cloud) and Y104.70 (5-day moving
average, Kijun line of Ichimoku cloud).
Support comes at Y100.05/30 (10 April/yesterday's lows)) Key support
is at Y99.70 -- 76.4% retracement of advance from Y95.88 and below here
support is at Y98.60.