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Bull Trend Intact

EURJPY TECHS
  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 130.73 1.0% 10-dma Envelope
  • RES 2: 129.98 High Feb 25 and the bull trigger
  • RES 1: 129.52 High Feb 26
  • PRICE: 129.17 @ 06:37 GMT Mar 4
  • SUP 1: 128.19 Low Mar 2
  • SUP 2: 127.98 20-day EMA
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 127.04 Low Feb 15

EURJPY is back above 129.00. The cross maintains its underlying bullish tone despite the recent move lower from last week's Feb 25 high of 129.98. However, from a short-term perspective trend conditions are overbought and the risk of a corrective pullback remains present. If this occurs, a move lower would open 127.98, the 20-day EMA. For bulls, clearance of 129.98 resumes the uptrend and would open 131.22, a Fibonacci projection.

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