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Reversal Or Correction?

EURJPY TECHS
  • RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.04 High Sep 20
  • RES 1: 141.69 20-day EMA
  • PRICE: 139.42 @ 15:43 BST Sep 22
  • SUP 1: 140.09 50-day EMA
  • SUP 2: 138.71 Low Sep 22
  • SUP 3: 138.69 Low Sep 5
  • SUP 4: 137.47 76.4% retracement of the Aug 16 - Sep 12 rally

A sharp volatile reversal lower in EURJPY has resulted in a print below the 50-day EMA, at 140.09. At this stage, weakness in the cross is considered corrective and despite today’s BOJ intervention, technical trend signals continue to highlight a bull cycle. That said, price action is likely to remain volatile. A daily close below the 50-day EMA would strengthen a bearish threat. Initial key resistance is at 144.04, the Sep 20 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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