March 21, 2023 20:11 GMT
Short-Term Gains Considered Technically Corrective For Now
- After an initial dip lower to 138.83 on Monday, EURJPY found support and has extended its bounce throughout Tuesday’s session to 2.8% as of writing.
- Overall, the cross continues to appear technically vulnerable and short-term gains are considered corrective. Last week’s bearish price action signals scope for a continuation lower towards the 138.00 handle and the short-term bear trigger is now at Monday’s low.
- Highs during today’s session match closely with the initial resistance point of 142.75, the 50-day EMA which will be key ahead of the upcoming risk events of ECB’s Lagarde and the FOMC meeting.
- Japanese banks are due to reopen on Wednesday having been closed today in observance of Vernal Equinox Day.