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Oct 9, 2007

Dollar/Yen Trimmed Losses after Rallying

Dollar/yen

Dollar/yen trimmed losses on Tuesday to close little changed after rallying to a seven-week high on Monday. The upside is cautiously favored.

Immediate resistance is still seen at 117.50. Above 117.85 there is distant resistance at 118.25 from a 50-point pivot that targets 117.75 and 118.75.

Strong support remains at 116.85 from another 50-point pivot that targets 116.35 and 117.35.

Oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Mixed

..........Read more ActionsForex

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