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Bearish Cycle Still In Play

EURJPY TECHS
  • RES 4: 133.76/134.13 High Jun 10 / High Jun 1 and the bull trigger
  • RES 3: 132.88 High Jun 17
  • RES 2: 132.04 50-day EMA
  • RES 1: 131.94 High Jun 22
  • PRICE: 131.89 @ 16:23 BST Jun 22
  • SUP 1: 130.04 Low Jun 21
  • SUP 2: 129.59 Low Apr 23
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: Low Mar 24 and key support

Despite this week's early gains, EURJPY remains vulnerable. This follows a sharp move lower last week that highlights scope for a deeper pullback. The cross has cleared the 50-day EMA and importantly also breached the bull channel support, drawn off the Oct 30, 2020 low. This highlights a reversal in sentiment and note, price has probed the 100-dma. Attention is on 130.00 and 129.59, Apr 23 low. Initial firm resistance is at 132.04, the 50-day EMA.

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