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Consolidating But Remains Bullish

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10 and a key resistance
  • RES 3: 125.77 High Sep 15
  • RES 2: 125.28 61.8% retracement of the Sep 1 - 28 sell-off
  • RES 1: 124.88 High Oct 7 / 8 and the bull trigger
  • PRICE: 124.66 @ 06:11 BST Oct 9
  • SUP 1: 123.86 Low Oct 6
  • SUP 2: 123.03 Low Sep 29 and Oct 2 and key near-term support
  • SUP 3: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 4: 121.82 Low Jul 15 and 16

EURJPY is consolidating and 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 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 key support once again.

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