Free Trial

Breaks Through Channel Base

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 1: 126.87 High Jan 12
  • PRICE: 125.18 @ 05:15 GMT Jan 18
  • SUP 1: 125.17 1.0% 10-dma envelope
  • SUP 2: 125.13 High Nov 9
  • SUP 3: 124.89 3.0% Lower Bollinger Band
  • SUP 4: 100-DMA 124.80

EURJPY traded lower still Friday, extending the week's bearish tone and breaking south of the six-week channel base. The break lower is a bearish warning sign and highlights the potential for a short-term reversal. This opens support at 125.17/13. Key resistance and the bull trigger is at 127.49, a break would resume the uptrend.

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.