Free Trial

Bulls Still In Charge

EURJPY TECHS
  • RES 4: 134.80 High Feb 8, 2018
  • RES 3: 134.19 1.618 proj of Jun-Sep-Oct 2020 swing
  • RES 2: 134.18 Bull channel top drawn off the Oct 30, 2020 low
  • RES 1: 133.44 High May 19
  • PRICE: 132.89 @ 15:53 BST May 24
  • SUP 1: 132.37 High Apr 29 and recent breakout level
  • SUP 2: 131.69 Low May 12
  • SUP 3: 130.99 Low May 5 and a key support
  • SUP 4: 130.67 Bull channel base drawn off the Oct 30, 2020 low

EURJPY bulls are still in control although price remains below recent highs. Last week's extension reinforces bullish conditions and signals scope for further gains within the rising channel drawn off the Oct 30 2020 low. The top of the channel intersects at 134.18. Moving average studies are still pointing north, reinforcing current conditions. Initial firm support lies at 131.69, May 12 low. A firmer trend support is found at 130.99, May 5 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.