Free Trial

Recent Pullback Considered Corrective

EURJPY TECHS
  • RES 4: 147.56 2.50 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 146.97 2.382 proj of the Aug 2- 10 - 16 price swing
  • RES 2: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 1: 144.48/45.64 High Sep 14 / 9 and the bull trigger
  • PRICE: 143.06 @ 20:08 BST Sep 16
  • SUP 1: 142.30/141.37 Low Sep 14 / 7
  • SUP 2: 141.08 20-day EMA
  • SUP 3: 139.60 50-day EMA
  • SUP 4: 138.69 Low Sep 5

EURJPY remains below Monday’s high. The outlook is bullish and the latest move lower is considered corrective. The recent break of 144.28, Jun 28 high and a major resistance, reinforced bullish conditions and confirmed a resumption of the uptrend that began in March 2022. This has opened 146.23, a Fibonacci projection. Initial firm support is seen at 141.08, the 20-day EMA. The 50-day EMA lies at 139.60 - a key support.

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.