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Corrective Cycle Still In Play

EURJPY TECHS
  • RES 4: 145.58 High Dec 31 2014
  • RES 3: 145.00 Round number resistance
  • RES 2: 144.25/58 High Jun 8 / 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 142.79 High Jun 10
  • PRICE: 139.15 @ 17:18 BST Jun 16
  • SUP 1: 138.28 2.0% 10-dma envelope
  • SUP 2: 137.85 Low Jun 16
  • SUP 3: 137.40 50-day EMA
  • SUP 4: 136.25 Low May 30

EURJPY outlook deteriorated Thursday, and continues to trade below resistance at 144.25, the Jun 8 high, and remains in a corrective cycle. The primary trend is up. The recent rally above 140.00 confirmed a resumption of the uptrend that began Mar 7. Moving average studies still point north, reinforcing current conditions and signals scope for a continuation higher towards 144.58 next, a Fibonacci projection. Firm short-term support is seen at 137.40, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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