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EURJPY TECHS: Bearish Outlook

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 164.90 High Dec 30 and a key short-term resistance
  • RES 3: 164.08 High Jan 24   
  • RES 2: 161.97 50-day EMA
  • RES 1: 160.70 High Feb 4
  • PRICE: 160.51 @ 16:45 GMT Feb 4  
  • SUP 1: 157.97 Low Feb 3
  • SUP 2: 156.99 Low Dec 4     
  • SUP 3: 156.18 Low Dec 3 and a key support  
  • SUP 4: 1155.15 Low Sep 16 ‘24   

EURJPY traded to a fresh short-term cycle low Monday, confirming a resumption of the bear leg that started Dec 30 last year. An important retracement point at 158.24, 76.4% of the Dec 3 - 30 bull cycle, has been pierced. A clear break of it would signal scope for an extension towards 156.18, the Dec 3 low. On the upside, initial firm resistance to watch, and a pivot level, is 161.97, the 50-day EMA.

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  • RES 4: 164.90 High Dec 30 and a key short-term resistance
  • RES 3: 164.08 High Jan 24   
  • RES 2: 161.97 50-day EMA
  • RES 1: 160.70 High Feb 4
  • PRICE: 160.51 @ 16:45 GMT Feb 4  
  • SUP 1: 157.97 Low Feb 3
  • SUP 2: 156.99 Low Dec 4     
  • SUP 3: 156.18 Low Dec 3 and a key support  
  • SUP 4: 1155.15 Low Sep 16 ‘24   

EURJPY traded to a fresh short-term cycle low Monday, confirming a resumption of the bear leg that started Dec 30 last year. An important retracement point at 158.24, 76.4% of the Dec 3 - 30 bull cycle, has been pierced. A clear break of it would signal scope for an extension towards 156.18, the Dec 3 low. On the upside, initial firm resistance to watch, and a pivot level, is 161.97, the 50-day EMA.