Free Trial

Key Support Holds For Now *RES 3:....>

EURO-YEN TECHS
EURO-YEN TECHS: Key Support Holds For Now
*RES 3: 122.15 200-DMA
*RES 2: 121.68/72 50% of Mar 4 - Sep 3 decline / Channel top drawn off Sep 4 low
*RES 1: 121.48 High Oct 21
*PRICE: 120.55 @ 16:09 GMT Oct 31
*SUP 1: 120.35 Low Oct 31 and key short-term support
*SUP 2: 120.01 High Sep 13 and former breakout level
*SUP 3: 119.75 Low Oct 16
EURJPY traded under pressure for much of the Thursday session, increasing the
focus on key support at the 120.35 mark that held. A break and close below here
will open the 120.00 handle and levels not seen since mid-September. For bulls
to regain any control, a break of the Oct 21 high at 121.48 is needed to confirm
a resumption of the uptrend in place since Sep 3 and expose the 200-DMA.
Clearance of the MA and a close above it would open 123.36, Jul 1 high. The
cross still remains below it channel resistance drawn off Sep 3 low.

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.