Free Trial

Probes Key Support

EURJPY TECHS
  • RES 4: 131.09 High Jul 13
  • RES 3: 130.39/75 1.0% 10-dma envelope / High Sep 3 bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.26/67 20-day EMA / High Sep 17
  • PRICE: 128.57 @ 06:21 BST Sep 23
  • SUP 1: 127.94/93 Low Aug 19 and the bear trigger / Intrada low
  • SUP 2: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 126.40 61.8% retracement of the Oct '20 - Jun rally

EURJPY remains in a bear mode and yesterday traded just below the 127.94 key support and bear trigger, Aug 19 low. The formation this week of a death cross in the DMA space reinforces a bearish theme. A clear break of 127.94 would open 127.88, a retracement. Further out, the risk of a move towards the 2021 lows of 125.09 has increased. Initial firm resistance is at 129.67, the Sep 17 high.

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.