Free Trial

Bulls Hold On *RES 3: 122.12 High....>

EURO-YEN TECHS
EURO-YEN TECHS: Bulls Hold On
*RES 3: 122.12 High Jun 16 and key near-term resistance
*RES 2: 121.53 1.0% 10-dma envelope
*RES 1: 121.43 High Jun 30
*PRICE: 121.24 @ 17:51 BST Jun 30
*SUP 1: 119.81 Low Jun 26
*SUP 2: 119.31 Low Jun 22 and the bear trigger
*SUP 3: 118.60 Low May 29
EURJPY traded strongly Monday and much of that latent strength helped the cross
follow through to 121.43 on Tuesday. The cross recovered Jun 22 defining a
near-term base at 119.31 and continues to trade above this level. Monday's
breach of resistance at 121.10, Jun 23 high reinforces the bullish theme and
opens 122.12, Jun 16 high and the next key hurdle for bulls. On the downside, a
move below 119.31 would reinstate the recent bearish pressure and open 118.25.
Initial firm support lies at 119.81, Friday's low.

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.