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Consolidation Mode

  • RES 4: 132.43 High Jul 1
  • RES 3: 131.86 Jul 6 high
  • RES 2: 131.01/09 50-day EMA / High Jul 13
  • RES 1: 130.56 High Jul 29
  • PRICE: 130.18 @ 15:51 BST Jul 30
  • SUP 1: 129.49 Low Jul 22
  • SUP 2: 128.63/60 200-dma / Low Jul 20 and the bear trigger
  • SUP 3: 128.29 Low Mar 24 and key support
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

EURJPY remains in a consolidation mode. The outlook is bearish and recent gains are still considered corrective. Attention is on the 200-dma at 128.63. A clear break of the average would reinforce the current bearish theme and signal scope for an extension of the downtrend. Note, moving average studies remain bearish. Potential is for a move to 127.88, 38.2% of the Oct '20 - Jun rally. 131.01 marks resistance, the 50-day EMA.

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