Testing Resistance

• RES 4: 125.93 2.0% 10-dma envelope
• RES 3: 125.49 0.618 projection of the May 6 - Jun 5 from Jun 22 low
• RES 2: 125.23 High May 1, 2019
• RES 1: 124.31/43 High Jul 31 / Jun 5 and key resistance
• PRICE: 124.01 @ 06:32 BST Jul 31
• SUP 1: 122.84 Low Jul 24 and key support
• SUP 2: 122.70 20-day EMA
• SUP 3: 122.47 Low Jul 21
• SUP 4: 121.82 Low Jul 15 and 16

EURJPY found some support Wednesday and is trading near recent highs. The cross overnight in Asia probed resistance at 124.29, Jul 22 high. A clear break higher would pave the way for a test of primary resistance and bull trigger at 124.43, Jun 5 high. On Jul 24, the cross probed key support at 123.06 before finding support at 122.84. A close below 123.06 would signal a top and highlight the potential for a deeper correction.