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Corrective Cycle Still In Play

EURJPY TECHS
  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 142.30/144.04 Low Sep 14 / High Sep 20
  • RES 1: 140.82 20-day EMA
  • PRICE: 141.19 @ 16:20 BST Sep 29
  • SUP 1: 137.40 Low Sep 26
  • SUP 2: 136.02 Low Aug 25
  • SUP 3: 135.52 Low Aug 24
  • SUP 4: 134.95 Low Aug 16 and a key support

A recent sharp reversal lower in EURJPY has resulted in a break of the 50-day EMA and the cross continues to trade closer to its recent lows. The latest move lower is considered corrective, despite a deep retracement and technical trend signals continue to highlight a bull cycle. Initial firm support has been defined at 137.40, the Sep 26 low. Resistance to watch is 140.82, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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