Free Trial

Corrective Mode *RES 4: 123.36.......>

EURO-YEN TECHS
EURO-YEN TECHS: Corrective Mode
*RES 4: 123.36 High Jul 1
*RES 3: 122.22 200-DMA
*RES 2: 121.68 50% retracement of Mar 4 - Sep 3 decline
*RES 1: 121.48/52 High Oct 21 / Bull channel top drawn off Sep 4 low
*PRICE: 120.63 @ 04:53 GMT Oct 25
*SUP 1: 120.01 High Sep 13 and former breakout level
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.73 Low Oct 11
EURJPY traded in a relatively volatile manner Thursday ending the day lower but,
remains in a consolidative mode for now. The underlying outlook is bullish,
confirmed recently on the break of 120.01, Sep 13 high. Note that for the
near-term, the uptrend has recently stalled at the top of a bull channel drawn
off Sep 4 low. This development may result in a deeper correction and levels
below 120.00. On the upside, the trigger for a resumption of gains is at 121.48.

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.