Free Trial

Bear Trigger Remains Under Pressure

EURJPY TECHS
  • RES 4: 131.86 Jul 6 high
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.56 High Jul 29
  • RES 1: 129.71/130.01 High Aug 16 / High Aug 5
  • PRICE: 128.65 @ 06:26 BST Aug 17
  • SUP 1: 128.50/29 Low Aug 16 / Low Mar 24 and key support
  • SUP 2: 127.88 38.2% retracement of the Oct '20 - Jun rally
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 126.44 Low Feb 9

EURJPY traded sharply lower Monday and showed below support at 128.60, the Jul 20 low. A clear break of this level would confirm a resumption of the current downtrend and signal scope for weakness towards 128.29, Mar 24 low. Note too that this would also confirm a clear breach of the 200-dma at 129.01. Potential is also seen for a move to 127.88, 38.2% of the Oct '20 - Jun rally. Initial resistance is at 129.71, Monday's high.

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.