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Price Pattern Highlights Threat To Bulls

EURO-YEN TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 126.32 High Sep 2
  • PRICE: 125.60 @ 18:10 BST Sep 7
  • SUP 1: 125.29 Low Sep 3
  • SUP 2: 124.44 Low Aug 21 and the reversal trigger
  • SUP 3: 124.34 Low Aug 10/11 and a key support
  • SUP 4: 124.09 50-day EMA

EURJPY confirmed a fresh high print of 127.08 early last week but then found resistance and pulled lower. A bull trend nevertheless remains intact and last week's gains signal scope for a climb towards 127.58 next, a high dating back to Mar 2019. One concern for bulls though is the weak close on Sep 1 that resulted in a bearish candle, a "shooting star" appearing on the charts. Deeper losses would expose key trend support at 124.44, Aug 21 low.

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