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Trend Needle Points South

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Heading North

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Trades Through The 20-Day EMA

EURJPY TECHS
  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.37 High Jul 5
  • RES 2: 141.67 2.0% 10-dma envelope
  • RES 1: 141.40 Low Jun 24 / High Jul 19
  • PRICE: 140.89 @ 16:37 BST Jul 20
  • SUP 1: 137.99/36.87 Low Jul 14 / Low Jul 8 and the bear trigger
  • SUP 2: 136.25 Low May 30
  • SUP 3: 135.40 76.4% retracement of the May 12 - Jun 28 climb
  • SUP 4: 134.56 3.0% 10-dma envelope

EURJPY traded higher again Tuesday and the cross has cleared the 20-day EMA. This signals scope for a stronger short-term recovery and does potentially expose resistance at 142.37, the Jul 5 high. Gains are still considered corrective. A reversal lower would signal the end of the correction and attention would turn to the recent low of 136.87, Jul 8 low. This support also represents the bear trigger.

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