Dollar Is `Overbought' Versus Yen, May Fall to 105.61

June 20 (Bloomberg) -- The dollar is ``overbought'' against the yen according to charts used to predict price movements, and may fall to 105.61, said George Davis, chief technical analyst at RBC Capital Markets, a unit of Canada's biggest bank.

The level of 105.61 yen is likely to provide so-called support as it is on an ascending trend line that began on March 17, according to RBC's chart. The line connects lows of 95.76 yen on March 17, 102.74 yen on May 22, 103.88 yen on June 3 and 104.43 yen on June 9, according to data compiled by Bloomberg.

Source: Bloomberg


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