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Sell-Off Exposes Key Support

EURO-YEN TECHS
  • RES 4: 127.50 High Mar 2019
  • RES 3: 126.81 High Apr 17, 2019
  • RES 2: 126.76 High Aug 13 and the bull trigger
  • RES 1: 126.06 High Aug 19
  • PRICE: 124.77 @ 10:46 BST Aug 21
  • SUP 1: 124.54 Intraday low
  • SUP 2: 124.34 Low Aug 10/11 and key support
  • SUP 3: 123.84 Low Jul 31
  • SUP 4: 123.19 50-day EMA

EURJPY is under pressure this morning as the cross extends the move away from recent highs at 126.76. The sell-off has exposed support at 124.34, Aug 10 and 11 low and the next key pivot level. A break would signal scope for a deeper sell-off perhaps towards the 50-day EMA that intersects at 123.19 today. For bulls, price needs to hold above support at 124.34. The key bull trigger is 126.76.

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