Free Trial

Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 134.86 Bull channel top drawn off the Oct 30, 2020 low
  • RES 3: 134.80 High Feb 8, 2018
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 134.13 High Jun 1 and the bull trigger
  • PRICE: 133.31 @ 06:37 BST Jun 8
  • SUP 1: 132.89 Low Jun 7
  • SUP 2: 132.52 Low May 24
  • SUP 3: 131.82 50-day EMA
  • SUP 4: 131.35 Bull channel base drawn off the Oct 30, 2020 low

EURJPY trend conditions remain bullish despite the recent move lower. The pullback is likely a correction. The cross touched a high of 134.13 on Jun 1 and the extension reinforces bullish conditions signalling scope for further gains within the rising channel drawn off the Oct 30 2020 low. The top of the channel intersects at 134.86. Firm support lies at 132.52, May 24 low. Initial support is seen at 132.89, yesterday's low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.