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Testing The 20-Day EMA

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 2: 131.04 1.0% 10-dma envelope
  • RES 1: 130.69 High Apr 7 and the bull trigger
  • PRICE: 130.20 @ 18:12 GMT Apr 9
  • SUP 1: 129.57/13 Intraday low / Low Mar 30
  • SUP 2: 128.71/68 50-day EMA / Trendline drawn off Oct 30, 2020 low
  • SUP 3: 127.50 Low Feb 22
  • SUP 4: 127.31 Low Feb 17

EURJPY is under pressure and trading below 130.00 as the Yen rallies. The cross is testing the 20-day EMA at 129.62, a clear break of this area of support would suggest scope for a deeper pullback. This would once again expose support highlighted by the 50-day EMA at 128.71 and trendline support at 128.68, drawn off the Oct 30, 2020 low. A break of this zone would signal a reversal. The trigger for a resumption of the uptrend is 130.69.

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