Free Trial

Extends This Week's Sell-Off

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10 and a key resistance
  • RES 3: 125.77 High Sep 15
  • RES 2: 125.09/28 High Oct 9 / 61.8% of the Sep 1 - 28 sell-off
  • RES 1: 124.48 High Oct 13
  • PRICE: 123.83 @ 18:03 BST Oct 13
  • SUP 1: 123.31 Low Oct 5
  • SUP 2: 123.03 Low Sep 29 and Oct 2 and key near-term support
  • 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 off recent highs and traded lower again Tuesday. While near term weakness is considered a correction, attention turns to support at 123.86, Oct 6 low that has been probed. A clear break would strengthen the intraday bearish tone and risk a deeper pullback towards support at 123.03, Sep 29 and Oct 2 low. The cross has defined resistance at 125.09, Oct 9 high where a break is required to resume recent bullish pressure.

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.