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Stalls At Area Of Key Resistance

EURO-YEN TECHS
  • RES 4: 127.50 High Mar 1, 2019
  • RES 3: 126.95 0.764 proj of May 6 - Jun 5 rally from Jun 22 low
  • RES 2: 126.81 High Aug 17, 2019
  • RES 1: 126.77 High Aug 28 and the intraday bull trigger
  • PRICE: 125.67 @ 06:15 BST Aug 31
  • SUP 1: 125.13 20-day EMA
  • SUP 2: 124.44 Low Aug 21
  • SUP 3: 124.34 Low Aug 10/11 and key support
  • SUP 4: 123.67 50-day EMA

EURJPY tested and probed key resistance at 126.67, Aug 13 high on Friday with a print of 126.77 before finding resistance. A clear breach of 126.67 would confirm a resumption of the uptrend that has been in place since early May and open 126.95, a Fibonacci projection. On the downside, key support to watch resides at 124.44, Aug 21 low and this marks a pivot level. A break would instead signal a reversal.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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