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Bearish Risk Growing

EURJPY TECHS
  • RES 4: 135.05 Bull channel top drawn off the Oct 30, 2020 low
  • RES 3: 134.80 High Feb 8, 2018
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 133.81/34.13 High Jun 4 / High Jun 1 and the bull trigger
  • PRICE: 132.83 @ 16:28 BST Jun 11
  • SUP 1: 132.81 Low Jun 11
  • SUP 2: 132.52 Low May 24
  • SUP 3: 131.99 50-day EMA
  • SUP 4: 131.53 Bull channel base drawn off the Oct 30, 2020 low

EURJPY extended losses Friday, showing below the Monday low to touch 132.81. This extends the lower end of the recent range, and raises the risk of a further downside correction. Over-arching trend conditions remain bullish, however, and the recent pullback is likely a correction. Price touched a high of 134.13 on Jun 1 and the extension reinforces bullish conditions signalling scope for gains within the rising channel drawn off the Oct 30 2020 low. The channel top is at 135.05. Firm support lies at 132.52.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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