Free Trial

Bearish Threat Still Present *RES....>

EURO-YEN TECHS
EURO-YEN TECHS: Bearish Threat Still Present
*RES 4: 117.31 High May 4
*RES 3: 117.03 1.0% 10-dma envelope
*RES 2: 116.85 High May 12
*RES 1: 116.41 High May 13
*PRICE: 115.88 @ 05:49 BST May 15
*SUP 1: 115.33 Low May 14
*SUP 2: 114.43 Low May 6 and bear trigger
*SUP 3: 113.87 1.382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 4: 113.73 Low Nov 9, 2016
EURJPY found support on May 6 at 114.43, May 6 low. The recovery off this level
stalled at 116.85 Tuesday and the price has since pulled back. 116.85 marks a
key near-term resistance where a break would fuel bullish interest and open
117.78, Mar 30 high. The cross recently traded at levels last seen in Nov 2016
and also cleared an important support at 115.45, Apr 29. This highlights the
stronger bearish threat with 114.43 the trigger for a resumption of weakness.

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.