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Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 0.8600 High Dec 8 2021
  • RES 3: 0.8553 High Dec 14 2020
  • RES 2: 0.8512/13 High Mar 31 / 2.0% 10-dma envelope
  • RES 1: 0.8468 High Apr 27
  • PRICE: 0.8398 @ 06:28 BST Apr 28
  • SUP 1: 0.8389/8365 Low Apr 27 / 50-day EMA
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8250 Low Apr 14 and key short-term support
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

EURGBP maintains a firmer tone, but faded off Wednesday's session highs. Recent strong gains resulted in a break of resistance at 0.8405, the Apr 11 high and a recent key short-term resistance. The break of this level still highlights a bullish development and has also resulted in a break above 0.8435, the Apr 4 high. An extension would open 0.8512. Initial firm support to watch lies at 0.8365, the 50-day EMA.

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