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Remains Heavy

EURJPY TECHS
  • RES 4: 133.76 High Jun 10
  • RES 3: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 2: 132.56 High Nov 4
  • RES 1: 130.86/131.15 50-day EMA / 20-day EMA
  • PRICE: 129.91 @ 06:43 GMT Nov 16
  • SUP 1: 129.68 Low Nov 15 and intraday low
  • SUP 2: 129.24 76.4% retracement of the Sep 22 - Oct 20 rally
  • SUP 3: 128.94 Low Oct 8
  • SUP 4: 128.33 Low Oct 6

EURJPY remains bearish. The cross traded lower yesterday, extending the move below its 50- and 20-day EMAs - the recent breach of these averages suggests scope for a deeper pullback. Monday saw 130.05 give way, 61.8% of the Sep 22 - Oct 20 rally, opening 129.24, the 76.4% retracement. Resistance is at 130.86, the 50-day EMA and 131.15, the 20-day EMA. A break of this resistance is required to suggest a reversal.

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