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Bearish Threat Remains Present

EURJPY TECHS
  • RES 4: 133.48 High Oct 20 and key resistance
  • RES 3: 133.15 High Feb 10 and key resistance
  • RES 2: 130.90/131.91 High Feb 21 / High Feb 16
  • RES 1: 130.40 20-day EMA
  • PRICE: 128.96 @ 06:48 GMT Feb 28
  • SUP 1: 127.92 Low Feb 24
  • SUP 2: 127.52 Low Dec 20
  • SUP 3: 127.39 Low Dec 3 / 6 and a key support
  • SUP 4: 126.44 Low Feb 9 2021

EURJPY traded sharply lower Thursday to 127.92, confirming a break of key support at 128.25, the Jan 25 low. Price action is volatile, however, the breach of this support confirms a 100.0% retracement of the recent Jan 25 - Feb 10 bull phase and signals potential for a deeper pullback towards 127.52, Dec 20 low and 127.39, Dec 3 and 6 low. Gains are considered corrective - initial resistance is seen at 130.40, the 50-day EMA.

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