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Probes Key Support

  • RES 4: 131.09 High Jul 13
  • RES 3: 130.39/75 1.0% 10-dma envelope / High Sep 3 bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.26/67 20-day EMA / High Sep 17
  • PRICE: 128.57 @ 06:21 BST Sep 23
  • SUP 1: 127.94/93 Low Aug 19 and the bear trigger / Intrada low
  • SUP 2: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 126.40 61.8% retracement of the Oct '20 - Jun rally

EURJPY remains in a bear mode and yesterday traded just below the 127.94 key support and bear trigger, Aug 19 low. The formation this week of a death cross in the DMA space reinforces a bearish theme. A clear break of 127.94 would open 127.88, a retracement. Further out, the risk of a move towards the 2021 lows of 125.09 has increased. Initial firm resistance is at 129.67, the Sep 17 high.

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