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Trend Conditions Remain Bullish

EURJPY TECHS
  • RES 4: 134.80 High Feb 8, 2018
  • RES 3: 134.74 Bull channel top drawn off the Oct 30, 2020 low
  • RES 2: 134.19 1.618 proj of Jun - Sep - Oct 2020 swing
  • RES 1: 134.13 High Jun 1
  • PRICE: 133.20 @ 16:31 BST Jun 4
  • SUP 1: 133.00 20-day EMA
  • SUP 2: 132.52 Low May 24
  • SUP 3: 131.69 Low May 12
  • SUP 4: 131.22 Bull channel base drawn off the Oct 30, 2020 low

The EURJPY outlook remains bullish despite this week's move lower. The cross touched a high of 134.13 Tuesday and the extension reinforces bullish conditions signalling scope for further gains within the rising channel drawn off the Oct 30 2020 low. The top of the channel intersects at 134.74. Moving average studies remain in bull mode, reinforcing current conditions. Initial firm support lies at 132.52, May 24 low.

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