Free Trial

Correcting Higher *RES 4: 117.78.....>

EURO-YEN TECHS
EURO-YEN TECHS: Correcting Higher
*RES 4: 117.78 High Apr 30 and bull trigger
*RES 3: 117.31 High May 4
*RES 2: 116.57 High May 5
*RES 1: 115.45/75 Low Apr 29 / Intraday high
*PRICE: 114.88 @ 16:37 BST May 7
*SUP 1: 114.43 Low May 6
*SUP 2: 113.87 1382 projection of the Feb 20 - Mar 9 decline from Mar 25
*SUP 3: 113.73 Low Nov 9, 2016
*SUP 4: 113.24 1.500 projection of the Feb 20 - Mar 9 decline from Mar 25
EURJPY traded marginally firmer Thursday however the broader outlook remains
bearish. The cross has this week traded at levels last seen in Nov 2016 and has
cleared an important support at 115.45, Apr 29 low to negate recent bullish
price action and more importantly confirm a resumption of the primary downtrend.
Scope is seen for weakness towards 113.87, a Fibonacci projection level next. On
the upside, resistance is at 115.45 and 115.75.

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.