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Trading Closer To Recent Highs

EURJPY TECHS
  • RES 4: 132.36 1.382 proj of the Jun - Sep - Oct 2020 price swing
  • RES 3: 131.58 High Oct 4, 2018
  • RES 2: 131.22 1.236 proj of the Jun - Sep - Oct 2020 price swing
  • RES 1: 130.69 High Apr 7 and the bull trigger
  • PRICE: 130.34 @ 06:30 BST Apr 14
  • SUP 1: 129.57/13 Low Apr 8 / Low Mar 30
  • SUP 2: 128.95/93 50-day EMA / Trendline drawn off Oct 30, 2020 low
  • SUP 3: 128.29 Low Mar 24
  • SUP 4: 127.50 Low Feb 22

EURJPY is unchanged. The cross recently traded below 130.00 but did find support at 129.57, Apr 8 low. Price has also tested the 20-day EMA. A clear break of this average would suggest scope for a deeper pullback and expose key support around the 50-day EMA at 128.95 and trendline support at 128.93, drawn off the Oct 30, 2020 low. While this support zone holds, the uptrend remains intact. The trigger for a resumption of gains is 130.69.

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