EURJPY close to an decisive level!
EURJPY extends its concerted test of key support from its June low and78.6% retracement of the Q1 2019 rally at 120.79/78, which continues to hold for now. Although daily MACD momentum has turned lower, only a decisive break below here would confirm the break of the medium-term uptrend from 2016 to see the completion of a large bearish "triangle" continuation pattern to turn the core trend lower again, with support then seen next at 120.29/23. Below and we see the "measured objective" of the top completed in May still set at 119.85.
Resistance is seen at 121.28 initially, above which would instead set a minor base with resistance then at 121.50/54. Above here can see a move back to the 55-day average and price resistance, at 122.14/33, which we look to cap to maintain the "outside day" and bearish tone.
Resistance is seen at 121.28 initially, above which would instead set a minor base with resistance then at 121.50/54. Above here can see a move back to the 55-day average and price resistance, at 122.14/33, which we look to cap to maintain the "outside day" and bearish tone.
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