CHF/JPY TECHS: Kisses 100-Day SMA and Key Fib Retracement
New York, June 13.
Has rebounded quite sharply off of 97.75 in early Asia back towards 98.45, from where latest bout of consolidation has ensued. We view today"s rejection off of the lows as significant with 97.75 coinciding directly with the 100-Day SMA and 38.2% retracement off of the 06 Mar-05Jun move. The result has been the formation of a bullish outside day following 5 consecutive down days, which could spark a resumption of the overriding uptrend.