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Testing The 20-Day EMA

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  • RES 4: 134.40 2.382 proj of the Sep 22 - 29 - Oct 6 price swing
  • RES 3: 134.13 High Jun 1 and a key resistance
  • RES 2: 133.76 High Jun 10
  • RES 1: 133.48 High Oct 20
  • PRICE: 132.40 @ 16:25 BST Oct 28
  • SUP 1: 131.43 20-day EMA
  • SUP 2: 130.75/63 Sep 3 high / 50-day EMA
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY is off recent highs and flicks back to neutral. Attention is on the 20-day EMA that intersects at 131.43. A break of this level would suggest scope for a deeper corrective pullback and open 130.75, Sep3 high and a recent breakout level and 130.63, the 50-day EMA. Trend conditions remain bullish though, the trigger for a resumption of gains is at 133.48, the Oct 20 high.