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Nears Bull Trigger Before Fading

EURJPY TECHS
  • 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: 156.41 @ 16:23 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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