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Stalls After Touching New Cycle High

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.58 High Oct 4, 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.97 High Apr 20
  • PRICE: 130.15 @ 17:01 BST Apr 20
  • SUP 1: 129.57 Low Apr 8
  • SUP 2: 129.18/15 Trendline drawn off Oct 30 low / 50-day EMA
  • SUP 3: 128.29 Low Mar 24
  • SUP 4: 127.50 Low Feb 22

EURJPY saw a decent spell of demand in early Europe, resulting in the cross rallying to touch 130.97 before fading back inside its recent trading range. The cross has defined an initial support at 129.57, Apr 8 low and note, the 20-day EMA continues to provide support. A clear break of this average would expose the 50-day EMA at 129.15 and a trendline support at 129.18, drawn off the Oct 30, 2020 low. While this key support zone holds, a bull trend remains intact.

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