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Primary Trend Direction Is Up

  • RES 4: 149.46 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 148.88 High Dec 9 2014
  • RES 2: 148.40/45 High Oct 21 and the bull trigger / High Dec 15 2014
  • RES 1: 147.75 High Oct 31
  • PRICE: 146.91 @ 16:14 BST Oct 31
  • SUP 1: 145.08 / 143.80 20-day EMA / Low Oct 24 and key support
  • SUP 2: 142.89 50-day EMA
  • SUP 3: 141.78 Low Oct 13
  • SUP 4: 140.90 Low Oct 10

EURJPY continues to trade below the Oct 21 high 148.40. The trend condition is bullish. A key support lies at 143.80, the Oct 24 low, where a break is required to suggest scope for a deeper pullback. Attention is on 148.40. This is a bull trigger and a break would confirm a resumption of the uptrend and open 149.46, a Fibonacci retracement. MA studies continue to highlight a bullish backdrop. Initial support to watch is 145.08, 20-day EMA.

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