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Bullish Outlook

EURJPY TECHS
  • RES 4: 129.47 1.00 proj of the Jun - Aug - Oct 2020 price swing
  • RES 3: 129.26 High Dec 13, 2018
  • RES 2: 128.59 High Dec 17, 2018
  • RES 1: 128.46 Intraday high
  • PRICE: 128.08 @ 06:38 GMT Feb 17
  • SUP 1: 127.72 Low Feb 16
  • SUP 2: 127.04 Low Dec 15
  • SUP 3: 126.85 20-day EMA
  • SUP 4: 126.10 Low Feb 4

The EURJPY outlook remains bullish. The cross continues to extend the week's rally - price cleared resistance at 127.49 Monday, the Jan 7 high to confirm a resumption of the broader uptrend that has been in place since early May 2020. With 128.00 breached too, attention shifts to 128.59, the Dec 17, 2018 high. Initial firm support lies at 126.98, Monday's low where a break would dent the current bullish theme.

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