The June Japanese Yen posted a 5-1/2 month high of 8109 and an overall low 8005 during Tuesday night's Globex session. JYM opened lower yesterday morning and traded sideways for most of the day to finally settle -20 bp at 8062 where it completed a bearish hook reversal. JYM posted an IMM high at 8072 and an IMM low at 8047. The 9-day RSI fell to 72.6 from the previous session's 76.2 where it is high. The short-term trend is bullish with yesterday's 5-1/2 month high. The intermediate-term trend is neutral as the contract has been in a basing pattern since late January. The long-term trend remains bearish as JYM continues to post new lows, and the cash Yen posted a new 3-1/2 year high at 135.14 on Jan 31. Primary resistance levels for JYM are: 8109 and 8219. Primary support levels for JYM are: 8005, 7814, 7777, 7761, 7576, and 7501. Theoretical basis for today: - 10 IMM bp.
SUPPORT/RESISTANCE LEVELS -- CASH DOLLAR-YEN
147.62 11-3/4 year high (8/11/98) 135.14 3-1/2 year high (Jan 31) 135.02 3-1/2 year high settle (Jan 31) 135.01 3-3/4 month high (Feb 11) 134.98 3-1/4 month high (Feb 27) 133.84 2-3/4 month high (Apr 1) 132.39 1-1/2 month high (Apr 15) 129.07 3-week high (May 9) 128.77 3-week high settle (May 8) 125.06 Yesterday's high *124.21 Previous settle (Wed 2pm) 124.10 5-1/2 month lo settle (Tue 2pm) 123.53 5-1/2 month low (Yesterday) 122.83 6-month low (Nov 30) 119.75 6-3/4 month low (Nov 12) 115.83 14-3/4 month low (9/20/01) 114.36 1-1/4 year low (2/6/01) 113.55 1-1/3 year low (1/4/01) 106.87 1-1/2 year low (11/3/00) 104.77 1-3/4 year low (9/14/00) 103.93 2-year low (6/23/00) 102.07 2-1/4 year low (3/31/00) 101.33 6-1/2 year low (12/23/99) 96.04 6-3/4 year low (8/24/95) 79.78 All-time low (4/19/95)
RETRACEMENTS-- CASH DOLLAR-YEN
3-1/2 year 46.29 point downmove from 147.62 (8/11/98) to 101.33
(12/23/99)
73% retrace (Jan 31 high) 135.14
HIGH 3/4 2/3 .618 1/2 .382 1/3 1/4 LOW 147.62 136.05 132.19 129.94 124.47 119.01 116.76 112.90 101.33
SUPPORT/RESISTANCE LEVELS--YEN FUTURES (JYM02)
8776 Contract high & high settle (9/20/01) 8430 7-1/2 month high (Nov 8) 8426 7-1/2 month high settle (Nov 8) 8219 6-month high & high settle (Nov 28) 8109 5-1/2 month high (Yesterday-Glbx) 8082 5-1/2 month high settle (Tuesday) 8072 Yesterday's IMM high *8062 Previous settle (Wednesday) 8058 Pivot Point 8047 Yesterday's IMM low 8005 Yesterday's overall low (Globex) 8001 200-day moving average 7814 Last Friday's low 7804 30-day average 7782 3-week low settle (May 8) 7777 1-week low (Last Tue) 7761 3-week low (May 9) 7731 50-day moving average 7663 100-day moving average 7576 1-1/4 month low (Apr 15) 7525 2-1/2 month lo sttl (Apr 1 & Apr 2) 7501 2-1/2 month low (Apr 1) 7469 Contract low settle (Feb 26) 7449 Contract low (Feb 27) 7371 3-yr low weekly nrst (9/21/98 Z98)
RETRACEMENT--YEN FUTURES (JYM02)
8-month 1327 bp downmove from 8776 (9/20/01) to 7449 (2/27/02)
50% retrace (Yesterday's high) 8109
HIGH 3/4 2/3 .618 1/2 .382 1/3 1/4 LOW 8776 8444 8334 8269 8113 7956 7891 7784 7449