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EUROPE SUMMARY: Stg Straddle Buying Continues

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Firmer, With Support Intact

EURO-YEN TECHS
  • RES 4: 125.97 76.4% retracement of the Sep 1 - 28 sell-off
  • 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: 124.31 @ 06:07 BST Oct 20
  • SUP 1: 123.03/02 Low Sep 29 and Oct 2 / Low Oct 15
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 122.25 38.2% retracement of the May - Sep rally
  • SUP 4: 121.82 Low Jul 15 and 16

EURJPY started the week on a firm note with the cross pulling away from support at 123.03/02, low prints between Sep 29 and Oct 15. Stronger gains through the 124.00 handle would signal potential for an extension higher towards 125.09, Oct 9 high and the bull trigger. A break of 125.09 would open 125.28 and 125.97, both retracement levels. On the downside, a 123.03/02 breach is needed to trigger bearish pressure and open 122.38, Sep 28 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com