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Gains Expose Trendline Resistance

EURJPY TECHS
  • RES 4: 140.21 76.4% retracement of the Jul 21 - Aug 2 downleg
  • RES 3: 140.07 High Jul 25
  • RES 2: 139.09 Trendline resistance drawn from the Jun 28 high
  • RES 1: 138.97 High Aug 29
  • PRICE: 138.48 @ 14:17 BST Aug 29
  • SUP 1: 137.03 Low Aug 29
  • SUP 2: 135.52/34.95 Low Aug 24 / 16
  • SUP 3: 133.40 Low Aug 2 and a bear trigger
  • SUP 4: 132.66 Low May 12 and a key support

EURJPY traded higher today and in the process cleared the 50-day EMA at 137.84 and the Aug 10 high of 138.40. The break higher strengthens a short-term bullish picture and exposes 139.09. This is a trendline resistance drawn from the Jun 28 high and represents the next key hurdle for bulls. A breach would cancel the recent bearish theme and highlight a stronger reversal. Key support is at 135.52.

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