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Consolidating Near Resistance

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.58 High Oct 4, 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.69 High Apr 7 and the bull trigger
  • PRICE: 130.30 @ 17:04 BST Apr 12
  • SUP 1: 129.57/13 Low Apr 8 / Low Mar 30
  • SUP 2: 128.83/81 50-day EMA / Trendline drawn off Oct 30, 2020 low
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 127.31 Low Feb 17

EURJPY is consolidating. The cross traded below 130.00 last week but did manage to find support at 129.57. The cross also tested the 20-day EMA. A clear break of the average would suggest scope for a deeper pullback and expose support around the 50-day EMA at 128.83 and trendline support at 128.81, drawn off the Oct 30, 2020 low. Clearance of this zone would signal a reversal. The trigger for a resumption of the uptrend is 130.69, Apr 7 high.

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