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Sharply Lower

EURO-YEN TECHS
  • RES 4: 124.23 High Oct 23 and 26
  • RES 3: 123.84 20-day EMA
  • RES 2: 123.19 High Oct 28
  • RES 1: 122.38 Low Sep 28 and recent breakout level
  • PRICE: 121.72 @ 06:14 GMT Oct 30
  • SUP 1: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 2: 120.70 Low Jul 13
  • SUP 3: 120.39 1.000 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 4: 120.27 Low Oct 10

EURJPY maintains a bearish tone and has traded sharply lower overnight. This week has seen the cross clear support at 123.03/02 and 122.38, Sep 28 low. This move lower confirms a resumption of the downleg that started Sep 1. Scope is seen for weakness towards 121.50 next, a Fibonacci projection. Further out, 120.39 is on the radar, also a Fibonacci projection. Initial resistance is at 122.38.

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