Free Trial

Needle Still Points North

EURJPY TECHS
  • RES 4: 133.31/69 Bull channel top / 2.0% 10-dma envelope
  • RES 3: 133.13 High Sep 21, 2018 and a key resistance
  • RES 2: 132.68 High Sep 27, 2018
  • RES 1: 132 36/37 2.236 of Jun-Sep-Oct 2020 swing/High Apr 29
  • PRICE: 131.39 @ 16:54 BST May 4
  • SUP 1: 130.97 High Apr 20 and recent breakout level
  • SUP 2: 130.70 20-day EMA
  • SUP 3: 130.57 Low Apr 27
  • SUP 4: 129.80 Bull channel base drawn off the Oct 30, 2020 low

EURJPY is consolidating but maintains a bullish focus following last week's gains. The cross has cleared 130.97, Apr 20 high and the focus is on 132.36, a Fibonacci projection. This level has recently been tested and a break would signal scope for an extension higher, as the cross appreciates within its bull channel, drawn off the Oct 30 2020 low. Moving average studies are in a bull mode reinforcing current conditions. Support is at 130.57.

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

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.