Free Trial

Monitoring Resistance At The 50-Day EMA

EURJPY TECHS
  • RES 4: 140.07 High Jul 25
  • RES 3: 139.41 High Jul 28
  • RES 2: 138.50 50-day EMA
  • RES 1: 138.32 High Aug 9
  • PRICE: 137.91 @ 06:53 BST Aug 10
  • SUP 1: 135.81 Low Aug 5
  • SUP 2: 134.84/133.40 Low Aug 3 / 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded higher again Tuesday and the cross is holding on to the bulk of its recent gains. The recovery from 133.40, Aug 2 low, is likely a correction if moving average studies are correct in highlighting a downtrend. The next resistance to watch is 138.50, the 50-day EMA. A reversal lower and a breach of 133.40 would resume the bear cycle and open 132.66, May 12 low. Clearance of the 50-day EMA would suggest scope for a stronger recovery.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.