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EURO-YEN
EURO-YEN: Still bearish with 120.78 the target:
*RES 4: 123.74 High May 21
*RES 3: 123.17 High Jun 11 and key resistance
*RES 2: 122.56 High Jun 13
*RES 1: 122.15 20-day EMA
*PRICE: 121.28 @ 04:37 GMT June 19
*SUP 1: 121.07 Low Jun 18
*SUP 2: 121.06 2.0% Lower Bollinger Band
*SUP 3: 120.78 Low Jun 3
*SUP 4: 120.00 Psychological round number
Draghi's jawboning resulted in EURJPY taking out the Jun 17 low as well as
Fibonacci support at 121.33 yesterday, firming the Jun 3 low at 120.78 as the
near-term target. Underlying trend conditions overall remain bearish so the risk
at this stage is still skewed to the downside. Monday's rejection off the day's
high also highlights the bearish threat in the cross. The focus is on
yesterday's low of 121.07 ahead of 120.00.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com