Free Trial

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.

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.