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Jun 19 - 05:55 PM

IMM Specs Went All-In On Euro Longs Vs Yen, But Now At Precipice

By Randolph Donney  —  Jun 19 - 04:01 PM
  • EUR/JPY net spec IMM long trades surged to multi-yr high as price dived

  • June peak at 124.43 on EBS was roundly rejected by the 200-WMA

  • Price now by weekly tenkan, kijun & June 5 week's low at 119.43-42

  • Prices also probing the 200-DMA at 119.54 this afternoon

  • A close below those key props would be very bearish for spec longs

  • The 61.8% Fibo and daily cloud top at 118.25/7.79 are likely targets

  • 10-DMA threatening a bearish cross below 21-DMA also looms nL1N2DW0LZ

  • For more click on FXBUZ

 

Chart Click here

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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