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Tops Trendline Resistance

EURJPY TECHS
  • RES 4: 140.69 High Jul 22
  • RES 3: 140.26 2.0% 10-dma envelope
  • RES 2: 140.21 76.4% retracement of the Jul 21 - Aug 2 downleg
  • RES 1: 139.68 High Aug 31
  • PRICE: 139.61 @ 16:48 BST Aug 31
  • SUP 1: 138.93 Low Aug 30
  • SUP 2: 135.52/34.95 Low Aug 24 / 16
  • SUP 3: 133.40 Low Aug 2 and a bear trigger
  • SUP 4: 132.66 Low May 12 and a key support

EURJPY traded higher still Wednesday. This week’s climb has resulted in a break of the 50-day EMA. The cross has also broken 138.98, trendline resistance drawn from the Jun 28 high. This represents a key resistance area and the clear break strengthens bullish conditions and highlights a stronger reversal. The break opens 140.26, 2.0% 10-dma envelope. Initial support is seen at 137.03, the Aug 29 low.

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