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Rally Faltering EUR/JPY's recovery...>

EURO-YEN TECHS
EURO-YEN TECHS: Rally Faltering
EUR/JPY's recovery from Monday lows contrasts with USD/JPY, with the former's
rally faltering in US trading hours ahead of the 127 level. This may dampen
bull's hopes of the emerging bullish reversal pattern and the failure to cross
the handle twice today turns focus to the downside. Consolidation above 127.00
will be required to re-establish the uptrend, but markets appear more focused on
initial support at 125.15 before targeting the May lows of 124.99/124.62. This
would open a move toward the Jun 2017 lows at 123.85 ahead of the long-term 50%
retracement level at 123.54.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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