Free Trial

Death Cross Adding Pressure

EURJPY TECHS
  • RES 4: 131.05/09 1.0% 10-dma envelope / High Jul 13
  • RES 3: 130.75 High Sep 3 and the bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.67 High Sep 17
  • PRICE: 128.43 @ 16:42 BST Sep 20
  • SUP 1: 128.14 Low Sep 20
  • SUP 2: 128.16 Low Aug 23
  • SUP 3: 127.94 Low Aug 19 and the bear trigger
  • SUP 4: 127.88 50.0% retracement of the Oct '20 - Jan rally

EURJPY extended losses Monday, with the pace of the sell-off accelerating to put the cross within range of the key bear trigger at the Aug 19 low of 127.94. The formation of a death cross in the DMA space may add further pressure, with the Monday low also piercing the 1.0% 10-dma envelope. The sell-off saw support at 128.60, the 76.4% retracement, give way, raising the risk of a move back toward the 2021 lows of 125.09. Initial firm resistance is unchanged at 130.20, Sep 14 high. Key resistance is at 130.75, Sep 3 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.