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Downtrend Accelerates

EURJPY TECHS
  • RES 4: 130.90/131.91 High Feb 21 / High Feb 16
  • RES 3: 129.94 50-day EMA
  • RES 2: 128.77 High Mar 2
  • RES 1: 127.30 Low Mar 2
  • PRICE: 125.42 @ 17:34 GMT Mar 4
  • SUP 1: 125.07 Low Mar 4
  • SUP 2: 124.91 1.382 proj of the Jan - Sep - Oct ‘21 price swing
  • SUP 3: 124.28 50.0% of the 2020 - 2021 bulls cycle
  • SUP 4: 123.45 1.618 proj of the Jan - Sep - Oct ‘21 price swing

The downtrend in EURJPY accelerated Friday with the cross trading well below both the 127.00 and 126.00 handles. This week’s move lower has confirmed a resumption of the downtrend. The cross has this week also cleared key support at 128.25, Jan 25 low and traded below the December 3/6 2021 low of 127.39. The focus is on 124.91, a Fibonacci projection level and 124.28, 50.0% of the 2020 - 2021 bulls cycle.Initial resistance is seen at 127.30, the Mar 2 low.

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