Bulls Still In Control

• RES 4: 131.76 61.8% retracement of the Jun - Sep downleg
• RES 3: 131.09 High Jul 13
• RES 2: 130.75 High Sep 3 bull trigger
• RES 1: 130.48 High Sep 29
• PRICE: 129.23 @ 16:25 BST Sep 30
• SUP 1: 129.18 Low Sep 30
• SUP 2: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
• SUP 3: 127.88 50.0% retracement of the Oct '20 - Jan rally
• SUP 4: 127.50 Low Feb 22

Thursday price action worked against the previously bullish outlook, with prices correcting back below 129.50 after the London close. Price needs to clear 127.94/93 to resume a downtrend. Initial support is at 129.39. Nonetheless, EURJPY maintains a overall bullish tone having traded sharply higher Sep 23 and bulls remain in control. The recent bounce follows a failure to clear support at 127.94, Aug 19 low. An extension would open key S/T resistance at 130.75, Sep 3 high and a bull trigger. Note that a double bottom reversal appears to be forming on the daily chart - the midpoint is 130.75.