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Support Remains Intact

EURO-YEN TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.50 High Mar 1, 2019
  • RES 2: 127.08 High Sep 1 and key resistance
  • RES 1: 126.46 High Sep 10
  • PRICE: 125.61 @ 06:01 BST Sep 14
  • SUP 1: 125.29 Low Sep 10
  • SUP 2: 124.44/43 Low Aug 21 / Low Sep 10 and the reversal trigger
  • SUP 3: 124.34 Low Aug 10/11 and a key support
  • SUP 4: 124.33 50-day EMA

EURJPY remains above key support at the Sep 9 low of 124.43. A breach of this level is required to signal scope for a deeper pullback. This would open 124.33, the 50-day EMA and an erosion of the average would expose 123.19, the 50.0% retracement of the Jun 22 - Sep 1 rally. While support at 124.43 holds, the uptrend remains in place. Initial resistance is at 126.46, Sep 10 high. Key resistance and the bull trigger is at 127.08, Sep 1 high.

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