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Holding Above Support

EURJPY TECHS
  • RES 4: 141.63 3.0% 10-dma envelope
  • RES 3: 141.06 High Jun 4 2015 and a key resistance
  • RES 2: 140.93 0.50 proj of the Mar 7 - 28 - Apr 8 price swing
  • RES 1: 138.00/140.00 High Apr 28 / High Apr 21 and the bull trigger
  • PRICE: 136.90 @ 15:07 BST May 2
  • SUP 1: 134.79/77 Low Apr 27 / 2.0% 10-dma envelope
  • SUP 2: 134.30/26 Low Apr 5 and a key support / 50-day EMA
  • SUP 3: 132.95 Low Mar 24
  • SUP 4: 132.33 Low Mar 23

Recent weakness in EURJPY is considered corrective. The cross has remained above an important support area around the 50-day EMA. The average intersects at 134.26, just below an important support at 134.30, Apr 5 low. While this 134.26-30 zone holds, the broader uptrend remains intact. Initial resistance is at 138.00, Thursday’s high. The bull trigger is unchanged at 140.00, Apr 21 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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