Free Trial

Bullish Having Topped Key Fib

EURO-YEN TECHS
  • RES 4: 128.69 61.8% 2018 - 2020 Decline
  • RES 3: 127.79 2.0% 10-dma envelope
  • RES 2: 126.81 High Apr 17, 2019
  • RES 1: 126.76 High Aug 13
  • PRICE: 126.28 @ 04:51 BST Aug 14
  • SUP 1: 124.34 Low Aug 10/11
  • SUP 2: 122.84 Low Jul 24 and key support
  • SUP 3: 122.47 Low Jul 21
  • SUP 4: 121.82 Low Jul 15 and 16

Having topped the 50% retracement of the 2018-2020 decline Wednesday, EUR/JPY added to gains Thursday, rising to just shy of the next historical resistance at 126.81. This keeps the outlook resolutely bullish. RSI measures have tipped back into overbought territory, which may slow progress from here. To the downside, a close below 124.34 would signal a top and highlight the potential for a correction.

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.