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Remains Below Initial Resistance

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 136.80 High May 23
  • PRICE: 135.87 @ 17:35 BST May 24
  • SUP 1: 133.75/132.66 Low May 16 / Low May 12 and the bear trigger
  • SUP 2: 132.66100-dma
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY probed resistance at 136.75 on Monday, May 12 high, but has since pulled back. 132.66, the May 12 low has been defined as the key S/T support. The recent recovery still threatens a previous bearish theme. An extension higher would open 138.32, the May 9 high and an important short-term resistance. On the downside, clearance of 132.66 would be a bearish development. This would open 132.20, a Fibonacci retracement.

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