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Bearish Outlook

EURJPY TECHS
  • RES 4: 143.85 High Jun 29
  • RES 3: 142.32/36 High Jul 21 / 2.0% 10-dma envelope
  • RES 2: 139.49/140.69 20-day EMA / High Jul 22
  • RES 1: 138.13 Low Jul 26
  • PRICE: 135.81 @ 06:45 BST Jul 29
  • SUP 1: 135.40 76.4% retracement of the May 12 - Jun 28 climb
  • SUP 2: 134.58 Low May 20
  • SUP 3: 133.93 Low May 19
  • SUP 4: 132.66 Low May 12 and a key support

EURJPY traded sharply lower Thursday and in the process, the cross breached support at 136.87, the Jul 8 low. Clearance of this level strengthens bearish conditions and paves the way for weakness towards 135.40 next, a Fibonacci retracement. Initial firm resistance is seen at 139.49, the 20-day EMA. Key resistance has been defined at 142.32, the Jul 21 high. A break would reinstate a bullish theme.

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