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Coming up in the Asia-Pac session on Tuesday:


Bullish Extension


Risk Recovery Sees Greenback Pare Earlier Gains


Key Support Pierced

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Bearish Focus

  • RES 4: 123.75 50-day EMA
  • RES 3: 123.36 20-day EMA
  • RES 2: 123.19 High Oct 28
  • RES 1: 122.46 High Oct 30
  • PRICE: 122.41 @ 10:43 GMT Nov 3
  • SUP 1: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 2: 120.68 Bear channel base drawn off the Sep 1 high
  • SUP 3: 120.39 1.000 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 4: 120.27 Low Oct 10

EURJPY is off recent lows but despite this maintains a bearish tone following last week's sell-off. The cross has recently cleared support at 123.03/02 and 122.38, Sep 28 low. This move lower confirmed a resumption of the downleg that started Sep 1. Scope is seen for weakness towards 121.50 next, a Fibonacci projection. Further out, 120.39 is on the radar, also a Fibonacci projection. Initial resistance is at 122.46, Friday's high.

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