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Cycle Highs Give Way to Sharp Loss

  • RES 4: 149.49 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 148.88 High Dec 9 2014
  • RES 2: 148.45 High Dec 15 2014
  • RES 1: 148.25 Intraday high
  • PRICE: 145.53 @ 16:19 BST Oct 21
  • SUP 1: 145.14/144.09 Low Oct 21 / High Oct 5
  • SUP 2: 143.68/141.84 20-day EMA / 50-day EMA
  • SUP 3: 140.90 Low Oct 10
  • SUP 4: 139.44/137.40 Low Sep 29 / 26 and key support

EURJPY maintained a bullish tone into a new cycle high Friday, printing 148.40 before hitting reverse and dropping sharply. This underpins the theme that while the broader outlook may remain bullish, sharp near-term reversals will still occur while the Japanese authorities warn of intervention. Moving average studies remain in bull mode, highlighting the broader uptrend. The focus is on a climb to 148.45 next, the Dec 15 2014 high. Initial firm support lies at 144.09, the Oct 5 high.

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