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Moving Away From Key Support

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 2: 130.67 High Mar 18 and the bull trigger
  • RES 1: 129.94 High Mar 22
  • PRICE: 129.81 @ 06:46 GMT Mar 31
  • SUP 1: 129.13 Low Mar 30
  • SUP 2: 128.31/30 Trendline drawn off Oct 30, 2020 low / 50-day EMA
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 127.31 Low Feb 17

EURJPY remains above 128.29, Mar 24 low. The recent recovery from this level leaves the 50-day EMA at 128.30, and trendline support at 128.31 intact. The trendline is drawn off the Oct 30, 2020 low. A break of this support zone is required to suggest scope for a deeper S/T sell-off and this would signal a reversal of the current uptrend. For bulls, firm resistance is at 129.94, Mar 22 high. A break would open key resistance at 130.67, Mar 18 high.

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