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Corrective Pullback

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.97 76.4% retracement of the Sep 1 - 28 sell-off
  • RES 2: 125.77 High Sep 15
  • RES 1: 125.09/28 High Oct 9 / 61.8% of the Sep 1 - 28 sell-off
  • PRICE: 123.93 @ 10:41 BST Oct 22
  • SUP 1: 123.90 Intraday low
  • SUP 2: 123.03/02 Low Sep 29 and Oct 2 / Low Oct 15
  • SUP 3: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 4: 122.25 38.2% retracement of the May - Sep rally

EURJPY is trading lower. The outlook however remains positive following recent gains that saw the cross pull away from support at 123.03/02, low prints between Sep 29 and Oct 15. The extension through 124.00 opens 125.09, Oct 9 high and the bull trigger. A break of 125.09 would expose 125.28 and 125.97, both retracement levels. On the downside, a 123.03/02 breach would trigger bearish pressure and open 122.38.

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