Free Trial

Pulls Further Off Tuesday High

EURO-YEN TECHS
  • RES 4: 139.31 1.00 proj of May 6 - Jun 5 rally from Jun 22 low
  • RES 3: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 2: 127.50 High Mar 1, 2019
  • RES 1: 127.08 High Sep 1, 2020
  • PRICE: 125.70 @ 17:01 BST Sep 2
  • SUP 1: 125.35/14 20-day EMA / Low Aug 27
  • 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: 123.87 50-day EMA

EURJPY traded higher Tuesday confirming a fresh high print of 127.08 before finding resistance to close near session lows. A bull trend remains intact and this week's gains signal scope for a climb towards 127.58 next, a high dating back to Mar 2019. One concern for bulls is Tuesday's candle pattern, a "shooting star". This is a bearish formation and a potential warning to bulls. Key trend support lies at 124.44, Aug 21 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.