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Remains Below The 50-Day EMA

EURJPY TECHS
  • RES 4: 140.59 Trendline drawn from the Jun 28 high
  • RES 3: 140.07 High Jul 25
  • RES 2: 139.41 High Jul 28
  • RES 1: 138.44 50-day EMA
  • PRICE: 137.11 @ 16:30 BST Aug 11
  • SUP 1: 135.81 Low Aug 5
  • SUP 2: 134.84/133.40 Low Aug 3 / 2 and a bear trigger
  • SUP 3: 132.66 Low May 12 and a key support
  • SUP 4: 131.99 61.8% retracement of the Mar 7 - Jun 28 bull leg

EURJPY traded lower Wednesday and printed a lower low on Thursday. This keeps the cross below the 50-day EMA. The recovery from 133.40, Aug 2 low, is likely a correction if moving average studies are correct in highlighting a downtrend. The 50-day EMA, at 138.44, is a firm resistance and a reversal lower would refocus attention on the 133.40 bear trigger. Clearance of the 50-day EMA would instead suggest scope for a stronger recovery.

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