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Pullback Considered A Correction

EURO-YEN TECHS
  • RES 4: 127.97 2.0% 10-dma envelope
  • RES 3: 127.50 High Mar 2019
  • RES 2: 126.81 High Apr 17, 2019
  • RES 1: 126.76 High Aug 13 and the bull trigger
  • PRICE: 125.77 @ 16:57 BST Aug 18
  • SUP 1: 124.95 Low Aug 12
  • SUP 2: 124.62 Low 20-day EMA
  • SUP 3: 124.34 Low Aug 10/11 and key support
  • SUP 4: 123.84 Low Jul 31

EURJPY has entered a S/T corrective phase. Underlying trend signals continue to suggest the likelihood of further gains with moving averages pointing north and price maintaining the bullish sequence of higher highs and higher lows. The focus remains on last week's high of 126.76 where a break would confirm a resumption of the uptrend and open 126.81 and 127.50, highs from Apr and Mar last year. Key support remains 124.34.

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