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Outlook Remains Bullish

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: 158.05 High Jul 21 and the bull trigger
  • RES 1: 157.50 High Aug 2
  • PRICE: 156.06 @ 06:56 BST Aug 4
  • SUP 1: 155.54 Low Aug 3
  • SUP 2: 154.25 50-day EMA
  • SUP 3: 151.42 Low Jul 28 and key support
  • SUP 4: 150.16 38.2% retracement of the Jan 3 - Jul 21 bull cycle

Short-term conditions in EURJPY remain bullish. The latest rally highlights the end of a corrective cycle between Jul 21 - 28. A continuation higher would expose 158.05, the Jul 21 high and a bull trigger. Clearance of this level would confirm a resumption of the medium-term uptrend that would open 158.72, a Fibonacci projection. Key support is at 151.42, the Jul 28 low. Initial firm support is at 154.25, the 50-day EMA.

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