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Bullish Outlook Despite Pullback

EURJPY TECHS
  • RES 4: 153.62 1.618 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 3: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 1: 151.61 High May 2
  • PRICE: 149.97 @ 07:21 BST May 3
  • SUP 1: 149.80 Intraday low
  • SUP 2: 148.62 High Apr 25 and a recent breakout level
  • SUP 3: 147.32 20-day EMA
  • SUP 4: 146.29 Low Apr 25 and a key short-term support

EURJPY faded off the week’s best levels Tuesday, although recent price action remains constructive after resuming the current uptrend. 151.00 has been cleared, the 1.236 projection of the Mar 20 - 21 - Apr 6 price swing and this opens 152.00 next, the 1.382 projection. Key short-term support has been defined at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal. Initial firm support lies at 148.62, the Apr 25 high.

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