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Recovery Accelerates

  • RES 4: 132.67 76.4% retracement of the Jun - Sep downleg
  • RES 3: 132.23 High Jul 2
  • RES 2: 131.76 61.8% retracement of the Jun - Sep downleg
  • RES 1: 131.03 61.8% retracement of the Jun - Sep downleg
  • PRICE: 130.85 @ 14:34 BST Oct 11
  • SUP 1: 129.28 Intraday low
  • SUP 2: 128.33/31 Low Oct 6 / Low Sep 23
  • SUP 3: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
  • SUP 4: 127.88 50.0% retracement of the Oct '20 - Jan rally

EURJPY has rallied today as the recent recovery accelerates. The reversal higher from last week's low of 128.33, low Oct 6 has reinstated a near-term bullish focus. The cross has probed resistance at 130.75, the Sep 3 high and a bull trigger. A clear break of this level would strengthen the case for bulls and open 131.76, 61.8% retracement of the Jun - Sep downleg. Initial support is at today's intraday low of 129.28.

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