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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.
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Free AccessDouble Top Pattern Unfolds
EUR/JPY has faltered, completing a double top formation in the process (see attached chart). It last trades -35 pips at Y122.81, with JPY among the leaders of the G10 scoreboard, as familiar concerns have weighed on core equity markets. Broader caution has been partially inspired by a rapidly escalating surge in new coronavirus cases across Europe and resultant restrictions implemented by respective governments, which has been sapping strength from Europe's shared currency.
- French President Macron is set to chair a meeting of a council of ministers before he announces new social distancing measures in a televised address today. BFM TV reported that the government could impose a month-long "flexible" lockdown as soon as on Thursday.
- German Chancellor Merkel is also set to propose tightening restrictions during today's meeting with the 16 state premiers.
- A breach of Sep 29 & Oct 2 lows/Oct 15 low of Y123.03/02 amounts to a formation of a double top pattern, signalling potential for a deeper sell-off. Bears look for a close below there to confirm the pattern, which would turn focus to Sep 28 low of Y122.38, acting as the next bear trigger. Bulls look for a rebound above the aforementioned Y123.02/03 levels before targeting Oct 23 & 26 highs of Y124.23.
- French consumer confidence, Spanish retail sales and comments from ECB's de Cos take focus in the EZ today.
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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.