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Bullish Rally

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.05 High Jul 21 and the bull trigger
  • RES 1: 156.89 High Jul 25
  • PRICE: 156.16 @ 07:04 BST Jul 31
  • SUP 1: 153.83/151.42 50-day EMA / Low Jul 28 and key support
  • SUP 2: 150.92 Low Jun 14
  • SUP 3: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle
  • SUP 4: 149.59 Low Jun 8

EURJPY reversed sharply higher Friday from its 151.42 low. The rally cancels a recent bearish threat and instead signals the end of a

corrective cycle. A continuation higher would expose 158.05, Jul 21 high and a bull trigger. Clearance of this level would confirm a resumption of the M/T uptrend and open 158.72, a Fibonacci projection. Key support is at 151.42.

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