Free Trial

Vulnerable Following Bull Channel Breakout

EURJPY TECHS
  • RES 4: 133.76/134.13 High Jun 10 / High Jun 1 and the bull trigger
  • RES 3: 132.88 High Jun 17
  • RES 2: 132.07 50-day EMA
  • RES 1: 131.43 High Jun 18
  • PRICE: 131.23 @ 17:21 BST Jun 21
  • SUP 1: 130.04 Intraday low
  • SUP 2: 129.59 Low Apr 23
  • SUP 3: 128.83 Low Mar 29
  • SUP 4: Low Mar 24 and key support

EURJPY remains weak. This follows sharp losses last week and scope is seen for a deeper pullback. Last week's move lower resulted in a break of the 50-day EMA and importantly a breach of the bull channel support at 131.78. The channel is drawn off the Oct 30, 2020 low. This highlights a reversal in sentiment and note, price is also through the 100-dma. Attention is on 130.00 and 129.59, Apr 23 low. Initial resistance is seen at 131.43, Jun 18 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.