Free Trial

Base building?: *RES 4: 120.05 Low...>

EURO-YEN TECHS: Base building?:
*RES 4: 120.05 Low Jul 25
*RES 3: 119.95/99 21-DMA / Upper 1.0% 10-dma envelope
*RES 2: 119.75/88 38.2% retracement of Jul-Aug fall / High Aug 06
*RES 1: 119.59 High Aug 13
*PRICE: 119.03 @ 04:57 GMT Aug 14
*SUP 1: 118.46/41 100-hma / High Aug 12
*SUP 2: 117.52 Low Aug 12 and bear trigger
*SUP 3: 117.00 Psychological support
*SUP 4: 116.51/47 Lower 2.0% 10-dma envelope / Low Apr 21 2017
EURJPY price action this week points towards potential base building. Failure to
follow through on the break of the Aug 5 low and yesterday's rally, a bullish
engulfing reversal pattern, signals a potential shift in sentiment. To confirm
this though, a break above 119.88, the Aug 6 high and 120.00 is required. Until
then, the bearish trend dominates with key support and bear trigger at 117.52. A
break of this level would confirm a resumption of the downtrend.

To read the full story



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.