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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: 123.61 @ 10:45 BST Oct 14
  • 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 still extending this week's move lower. While near term weakness is considered a correction, attention turns to support at 123.03, Oct 6 low with the former support at 123.86, Oct 6 low breached. The move below 123.86 strengthens the intraday bearish tone and clearance of 123.03 would highlight scope for a deeper pullback. Resistance has been defined at 125.09, Oct 9 high. A break is required to resume bullish pressure.

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