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SOUTH KOREA

BoK Growth Forecast Could Be At Risk

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  • RES 4: 132.70 High Jun 23
  • RES 3: 132.43 High Jul 1 and a key resistance
  • RES 2: 131.09/28 High Jul 13 / 50-day EMA
  • RES 1: 130.28/43 High Jul 16 / High Jul 14
  • PRICE: 129.62 @ 16:58 BST Jul 22
  • SUP 1: 128.60 Low Jul 20
  • SUP 2: 128.45 200-dma
  • SUP 3: 128.29 Low Mar 24 and key support
  • SUP 4: 127.88 38.2% retracement of the Oct '20 - Jun rally

EURJPY traded firmer Wednesday before edging lower into the Thursday close. Nonetheless, the trend remains bearish with attention on the 200-dma at 128.45. A clear break of this average would strengthen the current bearish theme. Momentum and moving average studies remain bearish too. Further out, potential is seen for a move towards 127.88, a Fibonacci retracement. On the upside, 130.28, Jul 16 high marks initial firm resistance.