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Heading South

EURJPY TECHS
  • RES 4: 133.15 High Feb 10 and key resistance
  • RES 3: 130.90/131.91 High Feb 21 / High Feb 16
  • RES 2: 129.94 50-day EMA
  • RES 1: 128.77 High Mar 2
  • PRICE: 127.29 @ 06:52 GMT Mar 4
  • SUP 1: 126.93 Intraday low
  • SUP 2: 126.71 2.0% 10-dma envelope
  • SUP 3: 126.44 Low Feb 9 2021
  • SUP 4: 125.82 1.236 proj of the Jan - Sep - Oct ‘21 price swing

EURJPY has traded lower today to confirm a resumption of its current downtrend. The cross has this week cleared key support at 128.25, Jan 25 low and traded below the December 3/6 2021 low of 127.39. This opens 126.44 next, the Feb 9 2021 low. On the upside, initial resistance is seen at 128.77, the Mar 2 high ahead of the 50-day EMA at 129.94. A break of this EMA is required to suggest a base.

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