Free Trial

Retracement Extends

EURJPY TECHS
  • RES 4: 134.13 High Jun 1 and a key resistance
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 1: 131.62 20-day EMA
  • PRICE: 130.92 @ 06:35 GMT Nov 9
  • SUP 1: 130.68 Intraday low
  • SUP 2: 130.05 61.8% retracement of the Sep 22 - Oct 20 rally
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY maintains a weaker S/T tone. The cross has recently breached its 20-day EMA and this suggests scope for a deeper corrective pullback. Support at 130.75, Sep 3 high has been probed and note that the 50-day EMA is also under pressure. The focus is on 130.05, a Fibonacci retracement level. Broader trend signals continue to point north however and the recent sell-off is considered corrective.

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.