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Corrective Cycle Still In Play

  • RES 4: 145.58 High Dec 31 2014
  • RES 3: 145.00 Round number resistance
  • RES 2: 144.25/58 High Jun 8 / 0.764 proj of Mar 7 - 28 - Apr 5 swing
  • RES 1: 142.79 High Jun 10
  • PRICE: 141.25 @ 06:52 BST Jun 15
  • SUP 1: 139.62/40 1.0% 10-dma envelope / 20-day EMA
  • SUP 2: 138.32 High May 9
  • SUP 3: 137.30 50-day EMA
  • SUP 4: 136.25 Low May 30

EURJPY remains below last week’s high of 144.25 on Jun 8 with the cross currently in a corrective cycle. The primary trend remains up. The recent rally above 140.00 confirmed a resumption of the uptrend that started Mar 7. Moving average studies still point north, reinforcing current conditions and signalling scope for a continuation higher towards 144.58 next, a Fibonacci projection. Firm short-term support is seen at 139.40, the 20-day EMA.

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