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EURJPY – Firm Bounce But Remains Down 1.95%, Technical Downtrend Resumes

JPY
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  • EURJPY trades down 1.95% on Wednesday despite a firm bounce in recent trade that has briefly lifted the cross back to Monday’s lows of 141.37. Above here, initial firm resistance is seen at 142.15, the Feb 24 low.
  • Dampened sentiment and the associated selling pressure dragged the cross through these lows earlier in the session. The breach of this key short-term support resumes the downleg that started Mar 2.
  • The pair printed a fresh low of 139.48, briefly piercing support at 139.56, the Feb 10 low. Further clearance of this level would signal scope for a move towards 137.92, the Jan 19 low.
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  • EURJPY trades down 1.95% on Wednesday despite a firm bounce in recent trade that has briefly lifted the cross back to Monday’s lows of 141.37. Above here, initial firm resistance is seen at 142.15, the Feb 24 low.
  • Dampened sentiment and the associated selling pressure dragged the cross through these lows earlier in the session. The breach of this key short-term support resumes the downleg that started Mar 2.
  • The pair printed a fresh low of 139.48, briefly piercing support at 139.56, the Feb 10 low. Further clearance of this level would signal scope for a move towards 137.92, the Jan 19 low.