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Breaks Through Channel Base

EURJPY TECHS
  • RES 4: 128.69 61.8% retracement of the 2018 - 2020 downtrend
  • RES 3: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 2: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 1: 126.87 High Jan 12
  • PRICE: 125.22 @ 16:52 GMT Jan 18
  • SUP 1: 125.09 Low Jan 18
  • SUP 2: 124.80 100-DMA
  • SUP 3: 124.56 50% November - January Rally
  • SUP 4: 123.91 2.0% 10-dma envelope

EURJPY hit new 2021 lows Monday, extending the recent bearish tone and showing south of the six-week channel base. The break lower is a bearish warning sign and highlights the potential for a short-term reversal. 125.09 is the year's low print so far, opening the 100-DMA next at 124.80. Key resistance and the bull trigger is at 127.49, a break would resume the uptrend.

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