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Approaching Key Supports

EURJPY TECHS
  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 130.67 High Mar 18 and the bull trigger
  • RES 2: 129.94 High Mar 22
  • RES 1: 129.14 20-day EMA
  • PRICE: 128.51 @ 16:02 GMT Mar 25
  • SUP 1: 128.16 50-day EMA
  • SUP 2: 128.06 Trendline support drawn off the Oct 30, 2020 low
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 127.31 Low Feb 17

EURJPY traded sharply lower Tuesday as the correction from 130.67, Mar 18 high extends. The cross has cleared the 20-day EMA and the break paves the way for a move towards the 50-day EMA at 128.16 and a trendline support at 128.06. The trendline is drawn off the Oct 30 low. A break of this line would suggest scope for a deeper sell-off. On the upside, initial firm resistance is at 129.94, Mar 22 high.

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