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Approaching The 50-day EMA

EURJPY TECHS
  • RES 4: 131.58 High Oct 4 2018
  • RES 3: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 2: 130.67 High Mar 18 and the bull trigger
  • RES 1: 129.94 High Mar 22
  • PRICE: 128.51 @ 06:37 GMT Mar 24
  • SUP 1: 128.15 50-day EMA
  • SUP 2: 128.00 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 yesterday as the correction from 130.67, Mar 18 high extends. The cross has traded through the 20-day EMA and the clear break paves the way for a move towards the 50-day EMA at 128.13 and a trendline support at 128.00. 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 resistance is at 129.94, Mar 22 high.

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