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Bull Channel Breakout

EURJPY TECHS
  • RES 4: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 3: 133.76/134.13 High Jun 10 / High Jun 1 and the bull trigger
  • RES 2: 132.88 High Jun 17
  • RES 1: 132.12 50-day EMA
  • PRICE: 130.72 @ 15:43 BST Jun 18
  • SUP 1: 130.71 June 18 low
  • SUP 2: 130.57 Low Apr 27
  • SUP 3: 130.39 100-dma
  • SUP 4: 130.34 2.0% 10-dma envelope

EURJPY losses extended into the Friday close and the outlook is bearish. The week's sharp losses resulted in a break of the 50-day EMA and importantly a breach of the bull channel support at 131.78. The channel is drawn off the Oct 30, 2020 low. This signals scope for a deeper pullback and attention turns to the 100-dma at 130.39. On the upside, initial resistance is seen at 132.12, the 50-day EMA.

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