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Bear Channel Breakout

EURJPY TECHS
  • RES 4: 127.08 High Sep 1 and primary resistance
  • RES 3: 126.46 High Sep 10
  • RES 2: 125.79 76.4% retracement of the Sep - Oct Sell-Off
  • RES 1: 125.13 High Nov 9
  • PRICE: 124.41 @ 16:57 GMT Nov 10
  • SUP 1: 123.99 Intraday low
  • SUP 2: 122.69 Low Nov 9
  • SUP 3: 122.21 Low Nov 5
  • SUP 4: 121.62 Low Oct 30 and key support

EURJPY traded sharply higher Monday alongside the broad risk-on rally. This solidly counters the underlying bearish theme, with markets convincingly breaking above resistance highlighted by the 20- and 50-day EMA's. Furthermore, the cross has also cleared its bear channel resistance drawn off the Sep 1 high. This has opened 125.79, a Fibonacci retracement ahead of the early September highs of 126.46. Support is at 122.69.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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