Free Trial

Channel base breached: *RES 4:.......>

EURO-YEN TECHS: Channel base breached:
*RES 4: 123.00 Round number resistance
*RES 3: 122.54 High Jul 2
*RES 2: 122.32 High Jul 10
*RES 1: 121.73 200-hma
*PRICE: 121.06 @ 04:46 GMT Jul 18
*SUP 1: 120.93 Intraday low
*SUP 2: 120.78 Low Jun 3 and major support
*SUP 3: 120.52 1% Lower 10-dma envelope
*SUP 4: 120.00 Psychological round number
EURJPY has breached the channel base drawn off the Jun 3 low. To further confirm
a channel breakout, a daily close below the base at 121.18 is required. This
would reinforce the outright bearish tone opening major support at 120.78, the
low of Jun 3. Prints below 120.78 would set 120.00 as an objective ahead of the
ytd low of 118.71. Key resistance has been defined 122.32, the high of Jul 10.

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.