Free Trial

Correcting Lower After Rally.........>

EURO-YEN TECHS
EURO-YEN TECHS: Correcting Lower After Rally Reaches Into Y129.40-Y129.50 
*RES 4: Y130.03 5 month bear channel top 
*RES 3: Y129.91 1.618 swing of Y128.85-Y127.14
*RES 2: Y129.48/50 76.4% of Y130.36-Y124.62, intraday high
*RES 1: Y129.10/20 Hourly resistance
*PRICE: Y128.51 @1525GMT
*SUP 1: Y128.20/25 Hourly highs Jun 27, now support
*SUP 2: Y127.93/95 Jun 28 high, initial high Jun 29
*SUP 3: Y127.66 Hourly base Jun 28
*SUP 4: Y127.14 Jun 28 low
*COMMENTARY* Thursday's fall held at Y127.14, leaving the key Y127.09-Y126.99
support area untouched for the time being. The subsequent recovery has been
swift, breaking through former Y127.93 highs to eclipse Y128.46-Y128.94
resistance. Next barrier comes from between Y129.40-Y129.50, requiring above the
latter, before any further impetus will follow for a Y129.91-Y130.03 rise. In
the interim, a loss of Y128.50 can induce a deeper Y128.20-Y127.93 correction.

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.