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Still Bullish Within Its Channel

  • RES 4: 133.93 Bull channel top drawn off the Oct 30, 2020 low
  • RES 3: 133.28 1.50 proj of Jun-Sep-Oct 2020 swing
  • RES 2: 133.13 High Sep 21, 2018 and a key resistance
  • RES 1: 132.95 High May 17
  • PRICE: 132.84 @ 06:27 BST May 18
  • SUP 1: 131.69 Low May 12
  • SUP 2: 130.99 Low May 5 and a key support
  • SUP 3: 130.57 Low Apr 27
  • SUP 4: 130.42 Bull channel base drawn off the Oct 30, 2020 low

EURJPY traded higher Monday to a new cycle high of 132.95. This reinforces bullish conditions and signals scope for further gains within the bull channel drawn off the Oct 30 2020 low. The top of the channel intersects at 133.87. Moving average studies are still pointing north, also reinforcing current conditions. Initial firm support lies at 131.69, May 12 low. A firmer trend support is found at 130.99, May 5 low.

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