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Tests Key Support

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: 126.02 High Sep 3
  • PRICE: 124.86 @ 10:50 BST Sep 9
  • SUP 1: 124.44/43 Low Aug 21 and the reversal trigger / Intraday low
  • SUP 2: 124.34 Low Aug 10/11 and a key support
  • SUP 3: 124.18 50-day EMA
  • SUP 4: 123.19 50.0% retracement of the Jun 22 - Sep 1 rally

EURJPY remains vulnerable, having stalled last week at the high of 127.08. Although the cross remains in an uptrend, a bearish price pattern on Sep 1, a "shooting star" formation continues to highlight a potential threat to bulls. The focus is on key support at 124.44, Aug 21 low that has today been probed. A break would indicate a more meaningful reversal and signal scope for a deeper pullback. On the upside, initial resistance is at 126.02, Sep 3 high.

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