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Free AccessPrice Pattern Highlights Threat To Bulls
- 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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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.