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Free AccessBase formed?: *RES 4: 120.05 Low.....>
EURO-YEN TECHS: Base formed?:
*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: 118.98 @ 08:45 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
EURJPY price action this week points towards potential base building. The
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 and close 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.
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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.