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Bull Trigger Remains Exposed

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Fails to Sustain Rally

EURJPY TECHS
  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.53 76.4% June Downleg
  • RES 2: 142.37 High Jul 5
  • RES 1: 142.16 2.0% 10-dma envelope
  • PRICE: 139.25 @ 16:18 BST Jul 22
  • SUP 1: 137.99/36.87 Low Jul 14 / Low Jul 8 and the bear trigger
  • SUP 2: 136.25 Low May 30
  • SUP 3: 135.40 76.4% retracement of the May 12 - Jun 28 climb
  • SUP 4: 134.56 3.0% 10-dma envelope

EURJPY rallied to new weekly highs of 142.32 Thursday, but faltered ahead of the close, erasing the entirety of the move higher to finish flat. This keeps the outlook bearish, with focus on the downside trigger of 136.87. To initiate a short-term recovery, markets need to take out 142.37 and 142.53 - the 76.4% retracement for the June downtick.

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  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.53 76.4% June Downleg
  • RES 2: 142.37 High Jul 5
  • RES 1: 142.16 2.0% 10-dma envelope
  • PRICE: 139.25 @ 16:18 BST Jul 22
  • SUP 1: 137.99/36.87 Low Jul 14 / Low Jul 8 and the bear trigger
  • SUP 2: 136.25 Low May 30
  • SUP 3: 135.40 76.4% retracement of the May 12 - Jun 28 climb
  • SUP 4: 134.56 3.0% 10-dma envelope

EURJPY rallied to new weekly highs of 142.32 Thursday, but faltered ahead of the close, erasing the entirety of the move higher to finish flat. This keeps the outlook bearish, with focus on the downside trigger of 136.87. To initiate a short-term recovery, markets need to take out 142.37 and 142.53 - the 76.4% retracement for the June downtick.