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Bullish Tone

EURJPY TECHS
  • RES 4: 132.43 High Jul 1
  • RES 3: 131.77 61.8% retracement of the Jun - Aug sell-off
  • RES 2: 131.09/31 High Jul 13 / 1.0% 10-dma envelope
  • RES 1: 130.75 High Sep 3 and the bull trigger
  • PRICE: 130.66 @ 06:37 BST Sep 8
  • SUP 1: 129.79 20-day EMA
  • SUP 2: 129.16 Low Aug 27
  • SUP 3: 128.60 Low Aug 24
  • SUP 4: 127.94 Low Aug 19 and the bear trigger

EURJPY outlook is unchanged and remains bullish. The cross breached its 50-day EMA last week and price is holding onto gains and remains above this average. Former resistance at 130.56, Jul 29 high has also been cleared. The break of these resistance points strengthens the current bull theme and opens 131.14 next, 1.0% 10-dma envelope. Key support and the bear trigger has been defined at 127.94, Aug 19 low. Initial support lies at 129.71.

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