Free Trial

Bears Need Close Below 55-DMA *RES...>

EURO-YEN TECHS
EURO-YEN TECHS: Bears Need Close Below 55-DMA
*RES 4: Y131.35 High Sept 1
*RES 3: Y130.70 High Sept 4
*RES 2: Y130.26 Hourly resistance Sept 5a
*RES 1: Y129.70 Hourly resistance Sept 5
*PRICE: Y129.40 @ 0430GMT
*SUP 1: Y129.30 55-DMA 
*SUP 2: Y128.31 Low Aug 22 
*SUP 3: Y127.81 Bollinger band base 
*SUP 4: Y127.43 Low June 30
*COMMENTARY: Pressure has now shifted to the key 55-DMA support with bears
needing a close below to confirm a break of the daily bull channel base
(Y129.41) to end bullish hopes and shift initial focus back to Y127.43 June 30
lows. Layers of resistance are building and weighing on the pair with bulls now
needing a close above Y130.26 to gain breathing room and above Y130.70 to shift
focus back to 131.35-70.

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.