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Bought on Dips

EURJPY TECHS
  • RES 4: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 3: 157.84 2.236 proj of the Mar 20 - 31 - Apr 6 price swing
  • RES 2: 157.53 1.764 proj of the May 11 - 29 - 31 price swing
  • RES 1: 156.93 High Jun 22
  • PRICE: 156.40 @ 16:32 BST Jun 23
  • SUP 1: 154.05 Low Jun 20 and key short-term support
  • SUP 2: 153.09 Low Jun 16
  • SUP 3: 152.31 20-day EMA
  • SUP 4: 151.61 Low Jun 15

Dips in EURJPY were bought Friday, putting the cross higher into the London close and erasing a mid-session dip. This strengthens the current uptrend and extends last week’s impulsive rally. Price has recently cleared key resistance at 151.61, the May 2 high and an important bull trigger. This confirmed a resumption of the longer-term uptrend and the focus is on 157.53 next, a Fibonacci projection. Initial key support is seen at 154.05, the Jun 20 low.

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