Free Trial

Still Heavy *RES 4: 122.01 High......>

EURO-YEN TECHS
EURO-YEN TECHS: Still Heavy
*RES 4: 122.01 High Jan 22
*RES 3: 121.72 Former channel base drawn off the Sep 3 low
*RES 2: 121.15 High May 5
*RES 1: 120.82 High Feb 7
*PRICE: 119.87 @ 06:20 GMT Feb 12
*SUP 1: 119.58 Low Nov 25
*SUP 2: 119.25 Low Nov 14 and key support
*SUP 3: 118.73 Low Oct 11
*SUP 4: 118.54 61.8% retracement of the Sep 2019 - Jan 2020 rally
The EURJPY sell-off Friday marked the end of the recent corrective recovery and
a resumption of the bearish theme and this was confirmed Monday with a print
below the 119.78 support, Jan 30 low. The move lower confirms a resumption of
the downtrend and reinforces a bearish theme that followed the break on Jan 24
of the bull channel base drawn off the Sep 3 low. Scope is for a move towards
119.58 and 119.25. Firm resistance is at 121.15, the Feb 5 high.

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.