EURJPY – break below thick daily cloud is bearish signal; psychological 130 support in focus
The cross accelerated lower in US session on Thursday and broke below key supports at 130.68 (daily cloud base / Fibo 61.8% of 128.94/133.48 upleg).
Extension of downleg from 133.48 (24 Apr peak), is generating strong bearish signal that corrective phase off 128.94 which was capped by daily clod top (133.48) might be over.
Daily techs turned to full bearish mode and support further easing, as close below thick daily cloud would increase pressure on the pair.
Bears eye psychological 130 support (also 03/03 Apr higher base), violation of which would generate fresh negative signal for eventual push towards key support at 128.94 (23 Mar low).
Res: 130.68; 131.00; 131.21; 131.47
Sup: 130.00; 129.35; 128.94; 127.83
