Free Trial

Support Still Intact

EURO-YEN TECHS
  • RES 4: 125.77 High Sep 15
  • RES 3: 125.09/28 High Oct 9 / 61.8% of the Sep 1 - 28 sell-off
  • RES 2: 124.48 High Oct 13
  • RES 1: 123.94 High Oct 14
  • PRICE: 123.88 @ 10:41 BST Oct 19
  • SUP 1: 123.03/02 Low Sep 29 and Oct 2 / Low Oct 15
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 122.25 38.2% retracement of the May - Sep rally
  • SUP 4: 121.82 Low Jul 15 and 16

EURJPY maintains a softer tone despite this morning's climb. While recent weakness is still considered a correction, attention is on support at 123.03, Oct 6 low. This level was probed briefly last week. A clear breach of 123.03 would highlight scope for a deeper pullback and open the key level at 122.38, Sep 28 low and the bear trigger. On the upside, key resistance is at 125.09, Oct 9 high. Initial resistance is at 123.94.

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.