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Bounce Solidifies

EURJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 144.00 Round number resistance
  • RES 3: 142.94 High Dec 28 and key resistance
  • RES 2: 142.26 20-day EMA
  • RES 1: 141.40 High Jan 6
  • PRICE: 140.38 @ 16:11 GMT Jan 6
  • SUP 1: 137.97 1.0% 10-dma envelope
  • SUP 2: 137.40 Low Sep 26 and a key support
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.09 Low Aug 26

EURJPY started the new year on a bearish note, breaking support at 138.81, the Dec 20 low and bear trigger. Markets failed to follow through, however, and solidly bounced through to Friday morning to re-top the Y141.00 handle. Nonetheless, near-term strength is deemed corrective below key resistance at 142.94 - the Dec28 high. For now, the downtrend remains a focus, paving the way for a test of key support at 137.40, the Sep 26 low. Clearance of this level would strengthen bearish conditions.

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  • RES 4: 144.00 Round number resistance
  • RES 3: 142.94 High Dec 28 and key resistance
  • RES 2: 142.26 20-day EMA
  • RES 1: 141.40 High Jan 6
  • PRICE: 140.38 @ 16:11 GMT Jan 6
  • SUP 1: 137.97 1.0% 10-dma envelope
  • SUP 2: 137.40 Low Sep 26 and a key support
  • SUP 3: 137.03 Low Aug 29
  • SUP 4: 136.09 Low Aug 26

EURJPY started the new year on a bearish note, breaking support at 138.81, the Dec 20 low and bear trigger. Markets failed to follow through, however, and solidly bounced through to Friday morning to re-top the Y141.00 handle. Nonetheless, near-term strength is deemed corrective below key resistance at 142.94 - the Dec28 high. For now, the downtrend remains a focus, paving the way for a test of key support at 137.40, the Sep 26 low. Clearance of this level would strengthen bearish conditions.