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Volatile Price Action

EURJPY TECHS
  • RES 4: 132.92/133.48 High Oct 29 / High Oct 20
  • RES 3: 132.56 High Nov 4
  • RES 2: 130.73/131.76 50-day EMA / 20-day EMA
  • RES 1: 129.99/130.12 Intraday high / High Nov 16
  • PRICE: 128.78 @ 16:43 GMT Nov 19
  • SUP 1: 127.98 Low Nov 19
  • SUP 2: 128.33 Low Oct 6
  • SUP 3: 127.93 Low Sep 22 and a key support
  • SUP 4: 127.28 1.00 proj of the Jun 1 - Sep 22 - Oct 20 price swing

EURJPY traded in a volatile manner Friday, trading sharply lower but finding support off 127.98. The sharp move lower resulted in a print below 128.33, Oct 6 low where a clear break would leave key support at 127.93 exposed, Sep 22 low. A breach of this latter level would open 127.28, a Fibonacci projection level. Friday's intraday high of 129.99 marks initial resistance. A break of this level is needed to ease bearish pressure.

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