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Evening Star Candle Reversal?

EURJPY TECHS
  • RES 4: 146.74 High Dec 30, 2014
  • RES 3: 145.00/58 Round number resistance / High Dec 31 2014
  • RES 2: 144.58 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 144.25 High Jun 8/23 and the bull trigger
  • PRICE: 142.62 @ 15:50 BST Jun 24
  • SUP 1: 140.75 20-day EMA
  • SUP 2: 139.45 Low Jun 17
  • SUP 3: 138.44/37.85 50-day EMA and key support / Low Jun 16
  • SUP 4: 136.25 Low May 30

EURJPY maintains a bullish outlook, however, price action over the past 3-sessions is a concern for bulls. A 3-day candle pattern - evening star reversal - was confirmed at Thursday’s close. This is a strong pattern and warns of a deeper pullback near-term. The next support is 140.75, the 20-day EMA. Key resistance at 144.25 remains intact, a break is required to confirm a resumption of the uptrend and remove any developing bearish threats.

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  • RES 4: 146.74 High Dec 30, 2014
  • RES 3: 145.00/58 Round number resistance / High Dec 31 2014
  • RES 2: 144.58 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 144.25 High Jun 8/23 and the bull trigger
  • PRICE: 142.62 @ 15:50 BST Jun 24
  • SUP 1: 140.75 20-day EMA
  • SUP 2: 139.45 Low Jun 17
  • SUP 3: 138.44/37.85 50-day EMA and key support / Low Jun 16
  • SUP 4: 136.25 Low May 30

EURJPY maintains a bullish outlook, however, price action over the past 3-sessions is a concern for bulls. A 3-day candle pattern - evening star reversal - was confirmed at Thursday’s close. This is a strong pattern and warns of a deeper pullback near-term. The next support is 140.75, the 20-day EMA. Key resistance at 144.25 remains intact, a break is required to confirm a resumption of the uptrend and remove any developing bearish threats.