Free Trial

Corrective Cycle Extends

EURJPY TECHS
  • RES 4: 141.67 3.0% 10-dma envelope
  • RES 3: 141.06 High Jun 4 2015 and a key resistance
  • RES 2: 140.93 0.50 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 1: 139.48/140.00 High Apr 25 / High Apr 21 and the bull trigger
  • PRICE: 136.00 @ 06:52 BST Apr 27
  • SUP 1: 135.11 Intraday low
  • SUP 2: 134.75 2.0% 10-dma envelope
  • SUP 3: 134.30 Low Apr 5 and a key support
  • SUP 4: 133.95 50-day EMA

The week’s pullback in EURJPY extended Tuesday, further suggesting the cross has entered a corrective phase. Price action made light work of support at 136.25, the 20-day EMA, which signals scope for a deeper pullback. This exposes key trend support at 134.30, Apr 5 low. The 50-day EMA - also a key support - intersects at 133.95. The broader uptrend remains intact. 140.00, the Apr 21 high, is the bull trigger.

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.