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Fresh Upside Narrows Gap With Bull Trigger

EURJPY TECHS
  • RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.00 High Jun 28 and the bull trigger
  • RES 1: 157.68 High Jul 21
  • PRICE: 156.41 @ 09:04 BST Jul 21
  • SUP 1: 154.41 Trendline support drawn from the Mar 24 low
  • SUP 2: 153.24 50-day EMA
  • SUP 3: 151.61 Low Jun 15
  • SUP 4: 151.07 High May 29

EURJPY is firmer early Friday on the back of a number of BoJ sources reports that have weakened the JPY. This brings prices back into range of the bull trigger at the Jun 28 high of 158.00, a break above which could signal the beginning of an upside reversal in the cross. 158.72, the 2.00 proj of the May 11 - 29 - 31 price swing, sits just above. For now, the week’s lows at 154.88 mark first support.

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