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Resistance Remains Intact

  • RES 4: 132.43 High Jul 1
  • RES 3: 131.77 61.8% retracement of the Jun - Aug sell-off
  • RES 2: 131.09/42 High Jul 13 / 1.0% 10-dma envelope
  • RES 1: 130.34/75 High Sep 9 / High Sep 3 and the bull trigger
  • PRICE: 130.03 @ 06:15 BST Sep 14
  • SUP 1: 129.35 50.0% retracement of the Aug 19 - Sep 3 rally
  • SUP 2: 129.01 61.8% retracement of the Aug 19 - Sep 3 rally
  • SUP 3: 128.60 Low Aug 24
  • SUP 4: 127.94 Low Aug 19 and the bear trigger

EURJPY is weaker following last week's pullback. Key short-term resistance has been defined at 130.75, Sep 3 high and the bull trigger. A deeper sell-off would expose 129.01, a Fibonacci retracement and a move below this level would signal scope for a test of key support at 127.94, Aug 19 low. For bulls, a break of 130.75 is required to confirm a resumption of the uptrend that started Aug 19.

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