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Needle Still Points North

  • RES 4: 133.68 Bull channel top drawn off the Oct 30, 2020 low
  • RES 3: 133.28 1.50 proj of Jun-Sep-Oct 2020 swing
  • RES 2: 133.13 High Sep 21, 2018 and a key resistance
  • RES 1: 132.36/53 1.382 of Jun-Sep-Oct 2020 swing / High May 10
  • PRICE: 132.01 @ 07:37 BST May 12
  • SUP 1: 131.48 Low May 7
  • SUP 2: 130.99 Low May 5 and a key support
  • SUP 3: 130.57 Low Apr 27
  • SUP 4: 130.17 Bull channel base drawn off the Oct 30, 2020 low

EURJPY is consolidating with the outlook remaining bullish. Price traded above 132.36 Monday, a Fibonacci projection. A clear break would reinforce bullish conditions and signal scope for further gains within the bull channel drawn off the Oct 30 2020 low. Moving average studies are still pointing north, reinforcing current conditions. Support is at 130.99, May 5 low. The focus is on 133.28 next, a Fibonacci projection.

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