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Pullback Exposes Trendline Support

EURJPY TECHS
  • RES 4: 165.00 Round number resistance
  • RES 3: 164.30 High Nov 16 and a key medium-term resistance
  • RES 2: 163.72 High Feb 26 and the bull trigger
  • RES 1: 162.96 High Mar 6
  • PRICE: 161.92 @ 07:02 GMT Mar 8
  • SUP 1: 161.04/160.56 50-day EMA / Intraday low
  • SUP 2: 160.30 Trendline support drawn from the Dec 7 low
  • SUP 3: 158.92 Low Feb 7
  • SUP 4: 158.08 Low Feb 1 and a key support

The trend condition in EURJPY remains up, however, a corrective cycle is in play and this suggests potential for a move lower near-term. Yesterday’s volatile session resulted in a move below the 20-day EMA and delivered a print below the 50-day EMA - at 161.04. A continuation lower would open a trendline support at 160.30. The trendline is drawn from the Dec 7 low. Key resistance and the bull trigger is at 163.72, the Feb 26 high.

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