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Probes The December Lows

EURJPY TECHS
  • RES 4: 133.15 High Feb 10 and key resistance
  • RES 3: 130.90/131.91 High Feb 21 / High Feb 16
  • RES 2: 130.09 50-day EMA
  • RES 1: 129.25 High Mar 1
  • PRICE: 128.22 @ 17:51 GMT Mar 2
  • SUP 1: 127.30 Intraday low
  • SUP 2: 127.27 2.0% 10-dma envelope
  • SUP 3: 127.04 Low Feb 15, 2021
  • SUP 4: 126.44 Low Feb 9 2021

A EURJPY bearish threat remains present and yesterday’s fresh YTD low reinforces the current bearish theme. The cross has cleared key support at 128.25, Jan 25 low to confirm a 100% retracement of the recent Jan 25 - Feb 10 bull phase. This opens losses through the mid-December lows towards the 127.00 handle. Gains would be considered corrective - initial resistance is seen at 129.25, yesterday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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