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Edges Lower

EURO-YEN TECHS
  • RES 4: 125.97 76.4% retracement of the Sep 1 - 28 sell-off
  • RES 3: 125.28 61.8% of the Sep 1 - 28 sell-off
  • RES 2: 125.00/09 High Oct 20 and Oct 9
  • RES 1: 124.09 Oct 22 high
  • PRICE: 123.59 @ 06:20 BST Oct 23
  • SUP 1: 123415 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 continues to weaken, extending this week's correction. Attention turns to support at 123.03/02, low prints between Sep 29 and Oct 15. Low. A break of this level would undermine the recent bullish outlook and instead highlight risk for a deeper sell-off towards 122.38, Sep 28 low and the bear trigger. Moving average studies are in a neutral position. To strengthen a bullish argument, price needs to clear key resistance at 125.09, Oct9 high.

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