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Clears Key Supports

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 136.75 Intraday high
  • PRICE: 133.07 @ 17:12 BST May 12
  • SUP 1: 132.66 Low May 12
  • SUP 2: 132.64 3.0% 10-dma envelope
  • SUP 3: 132.30 100-dma
  • SUP 4: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase

EURJPY fell sharply Thursday. The move lower marks an extension of the reversal that started Apr 21. The cross has breached a number of important short-term support levels - price is through the 50-day EMA, at 135.06, and through 134.30, the Apr 5 low and a bear trigger. An extension lower would signal scope for a deeper retracement towards 132.30 initially - the 100-dma, before the 50% retracement of the Mar 7 - Apr 21 comes into play. Initial resistance is at today’s 136.75 intraday high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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