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Corrective Cycle Still In Play

EURJPY TECHS
  • RES 4: 135.17 Bull channel top drawn off the Oct 30, 2020 low
  • RES 3: 134.80 High Feb 8, 2018
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 133.76/34.13 High Jun 10 / High Jun 1 and the bull trigger
  • PRICE: 133.47 @ 06:33 BST Jun 15
  • SUP 1: 132.65 Low Jun 14
  • SUP 2: 132.52 Low May 24
  • SUP 3: 132.08 50-day EMA
  • SUP 4: 131.66 Bull channel base drawn off the Oct 30, 2020 low

EURJPY has found support at 132.65, Jun 14 low. Recent weakness has seen price trade through the 20-day EMA signalling scope for a deeper corrective pullback with attention turning to the 50-day EMA at 132.08. First support is at 132.52, May 24 low. On the upside, firm resistance is seen at 133.76, Jun 10 high. A break would instead expose 134.13, Jun 1 high and the bull trigger.

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