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Free AccessNears Bull Trigger Before Fading
- RES 4: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
- RES 3: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
- RES 2: 158.00 High Jun 28 and the bull trigger
- RES 1: 157.21 High Jul 19
- PRICE: 156.37 @ 08:15 BST Jul 20
- SUP 1: 154.41 Trendline support drawn from the Mar 24 low
- SUP 2: 153.24 50-day EMA
- SUP 3: 151.61 Low Jun 15
- SUP 4: 151.07 High May 29
The current bear cycle in EURJPY remains in play and short-term gains appear corrective for now. Attention is on a trendline support at 154.41 and support at 153.24, the 50-day EMA. The trendline is drawn from the Mar 24 low. A break of this 153.52-152.77 support zone would strengthen bearish conditions and pave the way for a continuation lower. A break above the bull trigger at 158.00 would change the picture, and could signal the beginning of an upside reversal in the cross.
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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.