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Bullish Focus Intact Despite Pullback

EURO-YEN TECHS
  • RES 4: 127.08 High Sep 1 and primary resistance
  • RES 3: 126.46 High Sep 10 and a key resistance
  • RES 2: 125.77 High Sep 15
  • RES 1: 125.09/28 High Oct 10 / 61.8% of the Sep 1 - 28 sell-off
  • PRICE: 124.46 @ 10:42 BST Oct 12
  • SUP 1: 124.23 20-day EMA
  • SUP 2: 123.86 Low Oct 6
  • SUP 3: 123.03 Low Sep 29 and Oct 2 and key near-term support
  • SUP 4: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally

EURJPY is softer this morning but maintains a bullish tone. The cross rallied sharply higher on Oct 5 extending the bounce off the Oct 2 low of 123.03. Furthermore, resistance at 124.25, Sep 30 high has recently been cleared and this paves the way for a climb towards 125.28 next, a Fibonacci retracement. Initial key support has been defined at 123.03, Oct 2 low. A break would neutralise the recent rally and expose 122.38 again.

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