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Bullish Conditions Intact

EURJPY TECHS
  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 129.98 High Feb 25 and the bull trigger
  • RES 2: 129.91 1.0% 10-dma Envelope
  • RES 1: 129.64 High Mar 4
  • PRICE: 129.00 @ 17:24 GMT Mar 5
  • SUP 1: 128.19 Low Mar 2
  • SUP 2: 128.10 20-day EMA
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 127.04 Low Feb 15

EURJPY maintains its underlying bullish tone despite the recent move lower from the Feb 25 high of 129.98. However, from a short-term perspective trend conditions remain overbought and the risk of a corrective pullback is present. A move lower would open 128.10, the 20-day EMA. For bulls, clearance of 129.98 resumes the uptrend and would open 131.22, a Fibonacci projection.

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

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