Free Trial

Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 134.40 2.382 proj of the Sep 22 - 29 - Oct 6 price swing
  • RES 3: 134.13 High Jun 1 and a key resistance
  • RES 2: 133.76 High Jun 10
  • RES 1: 133.48 High Oct 20
  • PRICE: 132.31 @ 06:39 BST Oct 27
  • SUP 1: 131.81/131.37 Low Oct 15 / 20-day EMA
  • SUP 2: 130.75 Sep 3 high
  • SUP 3: 130.50 50-day EMA
  • SUP 4: 129.28 Low Oct 11

EURJPY is off recent highs. Recent weakness is still considered corrective. And last week's climb confirmed an extension of the upleg from Oct 6. The cross has also recently cleared 130.75, the Sep 3 high and a bull trigger strengthening bullish conditions. The focus is on 133.76 next, Jun 10 high and key resistance at 134.13, Jun 1 high. Initial support is at 131.81, Oct 15 low. The 20-day EMA, as support, intersects at 131.37.

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.