Free Trial

EURJPY TECHS: Bear Threat Remains Present

EURJPY TECHS
  • RES 4: 165.04/166.69 High Nov 15 / High Oct 31 and the bull trigger   
  • RES 3: 164.76 High Nov 20 and a key short-term resistance 
  • RES 2: 162.16 50-day EMA 
  • RES 1: 158.66/160.98 High Dec 4 / 20-day EMA  
  • PRICE: 157.91 @ 07:18 GMT Dec 5
  • SUP 1: 156.18 Low Dec 03
  • SUP 2: 156.05 Low Sep 17
  • SUP 3: 155.15 Low Sep 16 and a key support 
  • SUP 4: 153.87 Low Dec 8 / 14 2023 

A bear cycle in EURJPY remains in play despite the latest bounce. A number of retracement points have been cleared since the reversal on Oct 31. Most recently, 157.87, 76.4% of the Sep 16 - Oct 31 bull cycle, has been pierced. A clear break of it would strengthen a bearish theme and open 155.15, the Sep 16 low. Initial firm resistance is 160.98, the 20-day EMA. A breach of this average is required to signal a reversal. 

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.