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Key Supports Remain Exposed

EURJPY TECHS
  • RES 4: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 130.67 High Mar 18 and the bull trigger
  • RES 2: 129.94 High Mar 22
  • RES 1: 129.46 High Mar 26
  • PRICE: 128.91 @ 06:35 GMT Mar 29
  • SUP 1: 128.22/19 50-day EMA / Trendline drawn off Oct 30, 2020 low
  • SUP 2: 127.50 Low Feb 22
  • SUP 3: 127.31 Low Feb 17
  • SUP 4: 126.98 Low Feb 12

EURJPY appears vulnerable near-term with the corrective cycle from 130.67, Mar 18 high likely to extend. The cross has breached the 20-day EMA. The break exposes the 50-day EMA at 128.22 and a trendline support at 128.19. The trendline is drawn off the Oct 30 low. A break of this line would confirm a stronger reversal and suggest scope for a deeper sell-off. On the upside, initial firm resistance is at 129.94, Mar 22 high.

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