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Remains Soft

EURJPY TECHS
  • RES 4: 131.76 61.8% retracement of the Jun - Sep downleg
  • RES 3: 131.09 High Jul 13
  • RES 2: 130.75 High Sep 3 bull trigger
  • RES 1: 129.67/130.48 50-day EMA / High Sep 29
  • PRICE: 128.76 @ 06:42 BST Oct 4
  • SUP 1: 128.31 Low Sep 23
  • SUP 2: 127.94/93 Low Aug 19 / Low Sep 22 the bear trigger
  • SUP 3: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 4: 127.50 Low Feb 22

EURJPY traded lower Thursday and the cross remains soft, highlighting a bearish risk once again. A continuation lower would again expose key support at 127.94/93, Aug 19 and Sep 22 low and an important bear trigger. A break would resume the downtrend. For bulls, key resistance is at 130.75, Sep 3 high. Clearance of this hurdle is required to highlight a stronger bullish theme.

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