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Bear Threat Still Present

  • RES 4: 160.00 Psychological handle
  • RES 3: 159.76 High Aug 30 and the bull trigger
  • RES 2: 158.65 High Sep 13
  • RES 1: 158.61 High Oct 12
  • PRICE: 158.46 @ 08:32 BST Oct 11
  • SUP 1: 154.46 Low Oct 3
  • SUP 2: 154.10 2.0% 10-dma envelope
  • SUP 3: 153.39 76.4% of the Jul 28 - Aug 30 bull run
  • SUP 4: 151.42 Late July Low and Bear Trigger

EURJPY traded sharply lower last Tuesday and rallies continue to be sold in the cross. As such, a bearish threat remains present. The cross has cleared support at the 50-day EMA and breached 156.59, the Sep 11 low. The break lower highlights a possible short-term reversal. Tuesday’s low of 154.46 represents a key short-term support where a breach would signal scope for a deeper retracement. Initial resistance was cleared at the 50-day EMA of 157.13, ahead of 158.65.

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