Pullback Considered Corrective

• RES 4: 145.57 High Mar 2 and a key resistance
• RES 3: 144.96 High Mar 15
• RES 2: 143.98 76.4% retracement of the recent Mar 2 - 20 bear cycle
• RES 1: 142.54/143.63 50-day EMA / High Mar 22
• PRICE: 141.80 @ 18:27 BST Mar 28
• SUP 1: 140.41/139.07 Low Mar 27 / 24
• SUP 2: 138.83 Low Mar 20 and a bear trigger
• SUP 3: 137.92 Low Jan 19
• SUP 4: 137.66 3.0% 10-dma envelope

EURJPY remains below last week’s high of 143.63 (Mar 22). This level represents a key short-term resistance where a break is required to reinstate a bullish theme. A continuation lower would expose key support at 138.83, the Mar 20 low and a bear trigger. Note that moving average studies remain in a bull mode set-up - this suggests the latest pullback is a correction. A break of 143.63 would open 143.98, 76.4% of the Mar 2 - 20 bear cycle.