Free Trial

Corrective Cycle Still In Play

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: 142.86/144.28 High Jun 30/28 and the bull trigger
  • PRICE: 141.49 @ 15:57 BST Jul 4
  • SUP 1: 139.79 Low Jul 1
  • SUP 2: 139.30 50-day EMA
  • SUP 3: 137.85 Low Jun 16 and key support
  • SUP 4: 136.25 Low May 30

EURJPY traded lower last week following a reversal from 144.28, the Jun 28 high. Friday's weakness resulted in a clear break of the 20-day EMA. This has strengthened short-term bearish conditions and signals scope for a move towards the 50-day EMA, at 139.30. The average represents an important short-term support. On the upside, the bull trigger is 144.28 where a break is required to confirm a resumption of the uptrend.

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.