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Corrective Down 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: 139.18 @ 16:12 BST Jul 5
  • SUP 1: 139.12 Low Jul 5
  • SUP 2: 138.94 50-DMA
  • 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 as well as the 50-day EMA today and now markets target 138.94 and below for a deeper pullback. On the upside, an extension higher would refocus attention on the 144.28 bull trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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