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EURJPY TECHS: Bullish Outlook

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 164.08 High Jan 24
  • PRICE: 162.60 @ 06:52 GMT Jan 28 
  • SUP 1: 160.96/159.73 Low Jan 21 / 17 and key short-term support     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

Despite the latest pullback, EURJPY is trading closer to last week’s highs. Recent gains resulted in breach of 162.89, the Jan 15 high. This undermines a recent bearish theme and highlights scope for an extension higher near term, towards key resistance at 164.90, the Dec 30 high. Key short-term support has been defined at 159.73, the Jan 17 low. A reversal lower and a break of this level would reinstate the recent bearish threat.

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  • RES 4: 165.43 High Nov 8 
  • RES 3: 164.90 High Dec 30 and a key short-term resistance  
  • RES 2: 164.55 High Jan 7
  • RES 1: 164.08 High Jan 24
  • PRICE: 162.60 @ 06:52 GMT Jan 28 
  • SUP 1: 160.96/159.73 Low Jan 21 / 17 and key short-term support     
  • SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
  • SUP 3: 158.67 Low Dec 11
  • SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

Despite the latest pullback, EURJPY is trading closer to last week’s highs. Recent gains resulted in breach of 162.89, the Jan 15 high. This undermines a recent bearish theme and highlights scope for an extension higher near term, towards key resistance at 164.90, the Dec 30 high. Key short-term support has been defined at 159.73, the Jan 17 low. A reversal lower and a break of this level would reinstate the recent bearish threat.