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Bullish Trend Condition

EURJPY TECHS
  • RES 4: 149.46 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 148.88 High Dec 9 2014
  • RES 2: 148.40/45 High Oct 21 and the bull trigger / High Dec 15 2014
  • RES 1: 147.72 High Oct 26
  • PRICE: 146.08 @ 06:50 BST Oct 28
  • SUP 1: 144.87 / 143.80 20-day EMA / Low Oct 24 and key support
  • SUP 2: 142.72 50-day EMA
  • SUP 3: 141.78 Low Oct 13
  • SUP 4: 140.90 Low Oct 10

EURJPY remains in an uptrend despite Thursday’s move lower - the pullback is considered corrective. A key short-term support has been defined at 143.80, the Oct 24 low, where a break is required to suggest scope for a deeper pullback. A continuation higher would open 148.40, the Oct 21 high. This is the bull trigger and a break would confirm a resumption of the uptrend. Moving average studies continue to highlight a bullish backdrop.

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