Free Trial

Testing Resistance

EURO-YEN TECHS
  • RES 4: 125.93 2.0% 10-dma envelope
  • RES 3: 125.49 0.618 projection of the May 6 - Jun 5 from Jun 22 low
  • RES 2: 125.23 High May 1, 2019
  • RES 1: 124.31/43 High Jul 31 / Jun 5 and key resistance
  • PRICE: 124.04 @ 10:52 BST Jul 31
  • SUP 1: 122.84 Low Jul 24 and key support
  • SUP 2: 122.70 20-day EMA
  • SUP 3: 122.47 Low Jul 21
  • SUP 4: 121.82 Low Jul 15 and 16

EURJPY found support Wednesday and is trading near recent highs. The cross has today probed resistance at 124.29, Jul 22 high. A clear break higher would pave the way for a test of primary resistance and bull trigger at 124.43, Jun 5 high. On Jul 24, price probed key support at 123.06 before finding support at 122.84. A close below 123.06 would signal a top and highlight the potential for a deeper correction.

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.