Free Trial

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.

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.