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Recovery Extends Reinforcing A Bullish Theme

EURJPY TECHS
  • RES 4: 148.45 High Dec 15 2014
  • RES 3: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 2: 145.64 High Sep 12 and the bull trigger
  • RES 1: 144.84 High Oct 14
  • PRICE: 144.60 @ 18:32 BST Oct 14
  • SUP 1: 141.88/140.83 20-day EMA / 50-day EMA
  • SUP 2: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 3: 136.02 Low Aug 25
  • SUP 4: 135.52 Low Aug 24

EURJPY traded higher Friday, extending its recovery from 140.90, Oct 10 high. The cross last week managed to remain above the 50-day EMA at 140.83 and this level marks a key support. Moving average studies highlight a broader uptrend and the stronger recovery plus the clear break of 144.09, the Oct 5 high, signals scope for further gains near-term. On the downside, a clear break of the 50-day EMA is required to highlight a bearish threat.

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