Free Trial

Time For A Correction?

EURJPY TECHS
  • RES 4: 140.03 High Jun 23 2015
  • RES 3: 139.00 High Aug 21 2015 and a key resistance
  • RES 2: 138.62 High Aug 25 2015
  • RES 1: 137.50/53 High Feb 2 ‘18 and major resistance / High Mar 28
  • PRICE: 136.10 @ 16:34 GMT Mar 30
  • SUP 1: 133.94 Low Mar 28
  • SUP 2: 132.95/33 Low Mar 24 / 23
  • SUP 3: 131.91 20-day EMA
  • SUP 4: 130.68 50-day EMA

EURJPY traded to a fresh trend high Monday. The cross has recently cleared a key resistance at 134.13, Jun 1 2021 high. This strengthened bullish conditions and Monday’s gains reinforce the uptrend. It is worth noting that the trend has entered overbought territory as it steepens - a possible risk for short-term bulls. A pullback would be seen as a healthy bull trend correction. 137.50/53 is the bull trigger.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.