Free Trial

121.48 Break Needed To Resume The....>

EURO-YEN TECHS
EURO-YEN TECHS: 121.48 Break Needed To Resume The Uptrend
*RES 4: 123.36 High Jul 1
*RES 3: 122.11 200-DMA
*RES 2: 121.68/82 50% of Mar 4 - Sep 3 decline / Channel top drawn off Sep 3 low
*RES 1: 121.48 High Oct 21
*PRICE: 121.01 @ 17:53 GMT Nov 4
*SUP 1: 120.29 Low Oct 31
*SUP 2: 120.01 High Sep 13 and former breakout level
*SUP 3: 119.75 Low Oct 16
*SUP 4: 119.12 Low Oct 15
EURJPY traded sharply lower Thursday, and did probe key support at 120.36, Oct
25 low. The failure to clear resistance last week at 121.48, suggests the cross
is likely to retrace further within its bull channel drawn off Sep 3 low. The
cross stalled at the channel top mid-Oct. A move lower would expose the 120.00
handle where a break would open 119.12. The cross has traded firmer today
however, clearance of 121.48 is needed to resume the uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.