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Bullish Trend Conditions

EURJPY TECHS
  • RES 4: 162.80 1.00 proj of the Jul 28 - Aug 30 - Oct 3 price swing
  • RES 3: 162.00 Round number resistance
  • RES 2: 161.52 2.618 proj of the May 11 - 29 - 31 price swing
  • RES 1: 160.85 High Oct 31
  • PRICE: 159.80 @ 16:05 GMT Nov 2
  • SUP 1: 158.93/157.89 High Oct 30 / 50-day EMA
  • SUP 2: 156.98 Low Oct 16
  • SUP 3: 155.83 Low Oct 4
  • SUP 4: 154.46 Oct 3 and the bear trigger

The trend outlook in EURJPY remains bullish - the recovery from Monday’s low confirmed a resumption of the uptrend. This week’s gains have resulted in a break of resistance and the bull trigger, at 159.92, the Oct 24 high. 161.52, a Fibonacci projection, marks the next objective. On the downside, key short-term support lies at 157.89, the 50-day EMA. A breach of this average is required to highlight a top and the start of a correction.

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

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