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Corrective Bounce

EURJPY TECHS
  • RES 4: 134.13 High Jun 1 and the bull trigger
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.88 High Jun 17
  • RES 1: 132.55 20-day EMA
  • PRICE: 132.48 @ 17:12 BST Jun 23
  • SUP 1: 131.22/30.04 Low Jun 22 / Low Jun 21
  • SUP 2: 129.59 Low Apr 23
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: Low Mar 24 and key support

Despite this week's corrective gains, EURJPY remains vulnerable. A bearish theme follows a sharp move lower last week. The cross has cleared the 50-day EMA and importantly also breached the bull channel support drawn off the Oct 30, 2020 low. This highlights a reversal in sentiment and note, price has probed the 100-dma. Attention is on 130.00 and 129.59, Apr 23 low. Resistance is seen at 132.55, the 20-day EMA.

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