Free Trial

Corrective Cycle Remains In Play

EURJPY TECHS
  • RES 4: 160.32 2.0% 10-dma envelope
  • RES 3: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
  • PRICE: 154.47 @ 16:36 BST Jul 11
  • SUP 1: 154.18 Low Jul 11
  • SUP 2: 154.05 Low Jun 20
  • SUP 3: 153.09 Low Jun 16
  • SUP 4: 152.54 50-day EMA

The EURJPY uptrend remains intact and the latest move lower appears to be a correction - for now. The pullback is allowing the overbought trend condition to unwind. Support at 155.48, the 20-day EMA, has been breached. An extension lower would signal scope for a deeper retracement, towards the 50-day EMA, at 152.54. For bulls, clearance of 158.00, the Jun 28 high, would confirm a resumption of the uptrend.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.