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Strong Bounce

EURJPY TECHS
  • RES 4: 131.09 High Jul 13
  • RES 3: 130.37/75 1.0% 10-dma envelope / High Sep 3 bull trigger
  • RES 2: 130.20 High Sep 14 high
  • RES 1: 129.71 50-day EMA
  • PRICE: 129.65 @ 06:34 BST Sep 24
  • SUP 1: 127.94/93 Low Aug 19 and the bear trigger / Intrada low
  • SUP 2: 127.88 50.0% retracement of the Oct '20 - Jan rally
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 126.40 61.8% retracement of the Oct '20 - Jun rally

EURJPY traded sharply higher yesterday following a failure Wednesday to confirm a clear break of support at 127.94, Aug 19 low. An extension higher would signal scope for gains above the 130.00 handle and expose key short-term resistance at 130.75, Sep 3 high and a bull trigger. On the downside, the cross needs to clear support at 127.94/93 to highlight a resumption of the downtrend.

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