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Tackling Key EMA Levels

EURO-YEN TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.77 High Sep 15
  • RES 2: 124.43 Low Sep 9 and recent breakout level
  • RES 1: 124.25 Intraday high
  • PRICE: 123.83 @ 06:12 BST Sep 30
  • SUP 1: 123.03 Low Sep 29
  • SUP 2: 122.38/28 Low Sep 28 / 61.8% of the Jun 22 - Sep 1 rally
  • SUP 3: 121.82 Low Jul 15 and 16
  • SUP 4: 121.14 76.4% retracement of the Jun 22 - Sep 1 rally

EURJPY traded higher yesterday to extend this week's corrective bounce. Despite these gains, the outlook remains bearish. Recent weakness has seen a key support at 124.43 cleared, Sep 9 low and the 50-day EMA breached. The focus is on 122.28 next, 61.8% of the Jun 22 - Sep 1 rally. The cross is testing a key resistance zone at 124.06/10, the 50-, 20-day EMAs. A close above this zone would signal a potential reversal.

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