Friday, August 3, 2007

Dollar May Rise to 120.90 Yen on a Break of 119.49 on Fibonacci, MUFG Says

(Bloomberg) -- The dollar may rise to 120.90 yen
should it pass 119.49 yen in coming weeks, Masashi Hashimoto, a
currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd., said.

Traders may accelerate buying of the U.S. currency as it
rises above so-called resistance at 119.49, which represents the
previous high set on July 31, near the conversion line on the
so-called ichimoku chart, Hashimoto said. The next resistance at
120.90 is a 50 percent reversal of the dollar's climb to a high
of 124.13 reached on June 22 from a low of 117.60 on Aug. 1,
based on the Fibonacci series of numbers.


Read more at Bloomberg Currencies News

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