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Bull Cycle Extends

  • RES 4: 148.40 High Oct 21 and a key resistance
  • RES 3: 147.75 High Oct 31
  • RES 2: 147.10 High Nov 9
  • RES 1: 146.73 High Dec 15
  • PRICE: 146.26 @ 06:55 GMT Dec 16
  • SUP 1: 144.38/143.50 20-day EMA / Low Dec 14
  • SUP 2: 143.10 Low Dec 6
  • SUP 3: 140.77 Low Dec 2 and the bear trigger
  • SUP 4: 140.00 76.4% retracement of the Sep 26 - Oct 21 bull leg

EURJPY resumed its uptrend Thursday and traded to fresh highs for the week. The move higher reinforces the bullish importance of the recent trendline break - the trendline is drawn from the Oct 21 high and was breached on Dec 12. Resistance at 146.14, the Nov 23 high has been pierced and this signals potential for a climb towards 147.75, the Oct 31 high. Initial firm support lies at 143.50, the Dec 15 low.

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