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Watching Support At The 50-Day EMA

EURJPY TECHS
  • RES 4: 147.76 1.236 proj of the May 12 - Jun 28 - Aug 2 price swing
  • RES 3: 145.64 High Sep 12 and the bull trigger
  • RES 2: 144.48 High Sep 14
  • RES 1: 142.22/144.09 High Oct 7 / 5
  • PRICE: 141.53 @ 20:33 BST Oct 11
  • SUP 1: 140.58 50-day EMA
  • SUP 2: 139.44/137.40 Low Sep 29 / 26 and key support
  • SUP 3: 136.02 Low Aug 25
  • SUP 4: 135.52 Low Aug 24

EURJPY is trading closer to its recent lows. The recent pullback has placed prices back below 143.70 - 76.4% of the Sep 12 - 26 downleg. The 50-day EMA, at 140.58, marks the next support. Moving average studies continue to highlight a broader uptrend and a resumption of gains would refocus attention on 144.09, the Oct 5 high. On the downside, a break of the 50-day EMA would instead strengthen a bearish threat.

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