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Testing The 50-Day EMA

EURJPY TECHS
  • RES 4: 134.13 High Jun 1 and a key resistance
  • RES 3: 133.76 High Jun 10
  • RES 2: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 1: 131.66 20-day EMA
  • PRICE: 131.17 @ 16:55 GMT Nov 8
  • SUP 1: 130.84 Low Nov 5
  • SUP 2: 130.75 High Sep 3 and a recent breakout level
  • SUP 3: 129.28 Low Oct 11
  • SUP 4: 128.94 Low Oct 8

EURJPY traded lower again Friday and last week, the cross breached its 20-day EMA. The recent clear break of this EMA suggests scope for a deeper corrective pullback and exposes 130.75, Sep 3 high and a recent key breakout level. Note that 130.95 is where the 50-day EMA intersects - a key short-term support area that has been probed. Broader trend signals continue to point north however, the trigger for a resumption of the uptrend is 133.48.

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