Free Trial

Corrective Cycle Still In Play

EURJPY TECHS
  • RES 4: 139.00 High Aug 21 2015 and a key resistance
  • RES 3: 138.62 High Aug 25 2015
  • RES 2: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • RES 1: 135.88 High Apr 1
  • PRICE: 134.99 @ 16:50 BST Apr 7
  • SUP 1: 133.94 Low Mar 28
  • SUP 2: 133.31 20-day EMA
  • SUP 3: 131.61 50-day EMA
  • SUP 4: 130.72 Low Mar 17

EURJPY is consolidating. The recent pullback is still considered corrective and this is allowing an overbought condition to unwind. Support to watch is 133.94, Mar 28 low, a break would open the 20-day EMA at 133.31. The primary trend remains up. The cross traded to a fresh cycle high on Mar 28 and breached a key resistance at 134.13, Jun 1 2021 high, on Mar 24. This strengthened bullish conditions. The bull trigger is 137.50/53.

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.