Free Trial

Bears still in command: *RES 4:......>

EURO-YEN TECHS: Bears still in command:
*RES 4: 120.52 50% retracement of Jun-Aug fall
*RES 3: 120.21 Low Jul 24
*RES 2: 120.05 Low Jul 25
*RES 1: 119.71/88 200-hma/High Aug 06
*PRICE: 118.99 @ 05:42 GMT Aug 08
*SUP 1: 118.29 Lower Bollinger Band (2%)
*SUP 2: 117.68 YTD low
*SUP 3: 117.24 Lower Bollinger Band (3%)
*SUP 4: 117.00 Psychological support
EURJPY rejected a break of the 120.00 level Tuesday with the retracement
extending back through 118.50 before pulling back. Momentum and technical
indicators remain bearish and this keeps the longer-term downtrend intact. A
break of the ytd low at 117.68, returns the focus to round number support at
117.00. Bulls need a convincing break of 120.00, before challenging the 50%
retracement of the Jun-Aug fall at 120.52.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



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.