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Reverses Off Cycle High

  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 159.76 High Aug 30
  • PRICE: 157.69 @ 17:53 BST Aug 31
  • SUP 1: 157.62/156.87 Low Aug 31 / Aug 23
  • SUP 2: 156.42 50-day EMA
  • SUP 3: 155.11 Low Jul 31
  • SUP 4: 154.50 61.8% retracement of the Jul 28 - Aug 22 rally

Prices faltered Thursday, with the cross retreating off the new cycle high through the London close. The pair has pierced initial support at the 20-day EMA, intersecting at 158.06, however more notable support comes into play between 156.87 and 156.42, the Aug 23 low and the 50-day EMA. Despite the pullback, it is important to note the technical uptrend in EURJPY remains intact and yesterday’s fresh cycle high, reinforces current conditions and confirmed a resumption of the uptrend. This also maintains the bullish price sequence of higher highs and higher lows and moving average studies remain in bull-mode position.

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