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Erodes Key Support Levels

EURO-YEN TECHS
  • RES 4: 125.00/09 High Oct 20 and Oct 9
  • RES 3: 124.23 High Oct 23 and 26
  • RES 2: 123.84 20-day EMA
  • RES 1: 123.19 High Oct 28
  • PRICE: 122.17 @ 09:47 GMT Oct 29
  • SUP 1: 122.14 Intraday low
  • SUP 2: 121.82 Low Jul 15 / 16
  • SUP 3: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 4: 120.70 Low Jul 13

EURJPY yesterday cleared support at 123.03/02 as well as 122.38, Sep 28 low. This undermines the recent bullish outlook and instead signals a likely resumption of the downleg that started on Sep 1. Scope is seen for weakness towards 121.82 - levels not seen since July. 121.50, a Fibonacci projection has also appeared on the radar. Initial resistance is at 123.19, the Wednesday high.

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