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50-DMA Under Attack

EURO-YEN

EUR/JPY has trimmed losses, but continues to operate below neutral levels, last -18 pips at Y124.73. The earlier downswing seemed driven by a round of broader risk-off flows, which have dissipated since. The rate probed the water below its 50-DMA for the first time since May, before ticking away from lows.

  • Japanese news flow has focused on the awaited formal election of Yoshihide Suga as the new Prime Minister, with local press circulating the most probable line-ups of his Cabinet.
  • The brief foray below the 50-DMA looked promising to bears, who target Aug 21/Sep 9 lows of Y124.44/43. A clean break of these levels would draw attentin to Aug 10/11 lows of Y124.34, a key support level. Bulls see Sep 10 high of Y126.46 as their initial target and a jump above there would open up key resistance from Sep 1 high at Y127.08.
  • Eurozone's trade balance comes out later today, while ECB's Lane, de Cos, Holzmann and Visco are set to speak.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

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