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New YTD Lows

EURJPY TECHS
  • RES 4: 133.48 High Oct 20 and key resistance
  • RES 3: 133.15 High Feb 10 and key resistance
  • RES 2: 130.90/131.91 High Feb 21 / High Feb 16
  • RES 1: 130.18 50-day EMA
  • PRICE: 127.89 @ 17:17 GMT Mar 1
  • SUP 1: 127.38 Low Mar 1
  • SUP 2: 127.24 2.0% 10-dma envelope
  • SUP 3: 127.00 Psychological Support
  • SUP 4: 126.44 Low Feb 9 2021

A EURJPY bearish threat remains present, pushing prices to fresh YTD lows on Tuesday. The cross confirmed a break of key support at 128.25, Jan 25 low last week, opening losses through the mid-December lows. The move has extended through the 100% retracement of the recent Jan 25 - Feb 10 bull phase, signalling potential for a deeper pullback towards the 127.00 handle. Gains at this stage are considered corrective - initial resistance is seen at 130.18, the 50-day EMA.

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