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Bear Cycle Extends

EURJPY TECHS
  • RES 4: 145.04 Trendline drawn from the Oct 21 high
  • RES 3: 144.17 20-day EMA
  • RES 2: 143.76 High Dec 1
  • RES 1: 142.57 Low Nov 11 and a recent breakout point
  • PRICE: 141.55 @ 20:37 GMT Dec 2
  • SUP 1: 140.77 Low Dec 2
  • SUP 2: 140.00 76.4% retracement of the Sep 26 - Oct 21 bull leg
  • SUP 3: 139.44 Low Sep 29
  • SUP 4: 138.06 Low Sep 28

EURJPY maintains a softer tone and last week’s extension lower reinforces bearish conditions. The cross has breached support at 142.57, the Nov 11 low. The clear break of this price point strengthens bearish conditions and paves the way for a move towards 140.00, a Fibonacci retracement. Key short-term resistance is at 145.04, the trendline drawn from the Oct 21 high. A break of this line is required to signal a reversal.

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