Recovers 124 After Decent Bounce.....>

EURO-YEN TECHS: Recovers 124 After Decent Bounce

The cross hit lows of 123.36 in early Asia-Pac trade with risk-off sentiment

pressuring the pair. EUR/JPY managed to stage a decent recovery, however, moving

back above the 124 handle as tensions eased throughout the US session. While off

its lows the bearish picture remains intact and a close below 124 would cement

the downside break. Below here would open a return the focus to the 50%

retracement of the 2016 lows to the 2018 highs & March lows at 123.72/66. On the

topside bulls look to close above 124 to bring the focus back to the 125.30-60

zone which holds the 100-dma, 50% retracement of the Apr fall & previous series

of highs.