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Bull Cycle Intact Despite The Latest Pullback

EURJPY TECHS
  • 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: 145.38 @ 17:05 GMT Dec 19
  • SUP 1: 143.96/82 Former trendline resistance / Intraday low
  • 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 last Thursday but has since pulled back. The outlook remains bullish despite the latest move lower. Last week’s gains resulted in a break of trendline resistance drawn from the Oct 21 high. The trendline intersects at 143.96 and represents support. A resumption of gains would refocus attention on the bull trigger at 146.73, the Dec 15 high. A clear break of support at 143.96 would instead be a bearish development.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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