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Corrective Pullback

EURJPY TECHS
  • RES 4: 145.57 High Mar a2 and a key resistance
  • RES 3: 144.96 High Mar 15
  • RES 2: 143.98 76.4% retracement of the recent Mar 2 - 20 bear cycle
  • RES 1: 142.64/143.63 50-day EMA / High Mar 22
  • PRICE: 142.55 @ 16:14 GMT Mar 23
  • SUP 1: 140.89 Intraday low
  • SUP 2: 140.42/138.83 Low Mar 21 / 20
  • SUP 3: 137.96 3.0% 10-dma envelope
  • SUP 4: 137.92 Low Jan 19

EURJPY has pulled back from Wednesday’s high of 143.63. This level represents a key short-term resistance where a break is required to reinstate a bullish theme. A continuation lower would expose key support at 138.83, the Mar 20 low and a bear trigger. Note that moving average studies remain in a bull mode set-up - this suggests the latest pullback is a correction. A break of 143.63 would open 143.98, 76.4% of the Mar 2 - 20 bear cycle.

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