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Moderated Into Weds Close

EURJPY TECHS
  • RES 4: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.48 High Sep 14
  • RES 1: 144.08 High Oct 4
  • PRICE: 142.08 @ 09:44 BST Oct 7
  • SUP 1: 141.37 20-day EMA
  • SUP 2: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 3: 136.02 Low Aug 25
  • SUP 4: 135.52 Low Aug 24

EURJPY hit reverse Wednesday and extended losses through the Thursday close. The price action has put prices back below 143.70 resistance - the 76.4% retracement for the Sep 12 - 26 downleg. Nonetheless, the latest recovery signals the end of the correction between Sep 12 - 26 and attention is on key resistance at 145.64, the Sep 12 high. A break of this level would confirm a resumption of the broader uptrend. Key support lies at 137.40.

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