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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: 135.57 @ 17:13 BST Apr 27
  • SUP 1: 134.79 Low Apr27
  • 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 further Wednesday, 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.

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  • 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: 135.57 @ 17:13 BST Apr 27
  • SUP 1: 134.79 Low Apr27
  • 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 further Wednesday, 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.