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Too Soon to Say Yuan Rally Has Ended: Guan Tao

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  • RES 4: 132.43 High Jul 1
  • RES 3: 131.86 Jul 6 high
  • RES 2: 131.09/14 High Jul 13 / 50-day EMA
  • RES 1: 130.43 High Jul 14
  • PRICE: 129.73 @ 16:51 BST Jul 27
  • SUP 1: 128.60 Low Jul 20 and the bear trigger
  • SUP 2: 128.51 200-dma
  • SUP 3: 128.29 Low Mar 24 and key support
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

The EURJPY trend condition remains bearish and recent gains are considered corrective. The focus is on the 200-dma at 128.54. A clear break of this average would reinforce the current bearish theme and signal scope for a continued depreciation. Note, momentum and moving average studies remain bearish. Potential is for a move to 127.88, 38.2% of the Oct '20 - Jun rally. 130.43, marks resistance.