Free Trial

Consolidating Ahead Of Key Resistance

EURJPY TECHS
  • RES 4: 127.88 0.618 proj of May 6 - Jun 5 rally from Oct 30 low
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 126.97 Bull channel top drawn off the Oct 30 low
  • PRICE: 126.07 @ 10:46 GMT Dec 8
  • SUP 1: 125.78 Low Dec 2
  • SUP 2: 125.13 High Nov 9 and recent breakout level
  • SUP 3: 124.41 Low Dec 1
  • SUP 4: 124.20 50-day EMA

EURJPY is trading below recent highs but remains bullish. The cross has recently cleared the former bull trigger at 125.13, Nov 9 high and 125.79, 76.4% of the downleg between Sep 1 and Oct 30. This reinforces bullish conditions and opens resistance at 127.08, Sep 1 high. A break of 127.08 would confirm a resumption of the broader uptrend that started in May. Initial support is seen at 125.78, the Dec 2 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.