Free Trial

Looking For A 120.01 Break *RES 4:...>

EURO-YEN TECHS
EURO-YEN TECHS: Looking For A 120.01 Break
*RES 4: 122.18 Channel top drawn off Sep 3 low
*RES 3: 121.95 200-DMA
*RES 2: 121.48 High Oct 21
*RES 1: 121.11 High Nov 7
*PRICE: 120.15 @ 05:58 GMT Nov 13
*SUP 1: 119.87 Intraday low
*SUP 2: 119.75 Low Oct 16
*SUP 3: 119.12 Low Oct 15
*SUP 4: 118.76 61.8% retracement of Oct 3 - Oct 21 rally
EURJPY is trading softer this week and has probed the former support at 120.01,
High Sep 3 and former breakout level. This reinforces the near-term likelihood
the cross will trade lower near-term following the recent failure to clear
resistance at 121.48, Oct 21 high. Furthermore, it appears vulnerable within its
bull channel drawn off the Sep 3 low. The cross stalled at the channel top
mid-Oct. Scope is seen for 119.12. Resistance is at 121.11.

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.