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Corrective Pullback Concludes

EURJPY TECHS
  • RES 4: 150.00 Round number resistance
  • RES 3: 149.39 1.00 proj of the Mar 20 - 21 - Apr 6 price swing
  • RES 2: 148.40 High Oct 21 2022 and key resistance
  • RES 1: 147.86 High Apr 19
  • PRICE: 147.36 @ 16:39 BST Apr 21
  • SUP 1: 146.08/145.67 Low Apr 13 / High Mar 31
  • SUP 2: 145.39 20-day EMA
  • SUP 3: 144.08 50-day EMA
  • SUP 4: 142.55 Low Apr 6

EURJPY faded Thursday, but clawed back some lost ground into the Friday close. Short-term weakness is considered corrective and a move lower would allow an overbought trend condition to unwind. The uptrend remains intact following recent gains - the cross cleared 145.67 on Apr 11, the Mar 31 high, to reinforce bullish conditions. A resumption of gains would open 148.40 next, the Oct 21 2022 high. Initial firm support lies at 145.39, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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