Free Trial

Bearish Risk Still Present

EURJPY TECHS
  • RES 4: 131.76 61.8% retracement of the Jun - Sep downleg
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.75 High Sep 3 bull trigger
  • RES 1: 129.57/130.48 50-day EMA / High Sep 29
  • PRICE: 129.26 @ 06:37 BST Oct 8
  • SUP 1: 128.33/31 Low Oct 6 / Low Sep 23
  • SUP 2: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
  • SUP 3: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 4: 127.50 Low Feb 22

The reversal in EURJPY from 130.48, Sep 29 high continues to highlight a bearish short-term risk. Note, moving average studies are in a bear mode and this reinforces a broader bearish trend condition. Next support to watch undercuts at 127.94/93, Aug 19 and Sep 22 low where a break would resume the downtrend. For bulls, key resistance is unchanged at 130.75, Sep 3 high and represents the bull trigger.

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.