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Bullish Trend Structure

EURJPY TECHS
  • RES 4: 166.46 1.236 proj of the Jan 2 - 19 - Feb 1 price swing
  • RES 3: 165.00 Round number resistance
  • RES 2: 164.30 High Nov 16 and a key medium-term resistance
  • RES 1: 163.72 High Nov 27 and Feb 26
  • PRICE: 163.07 @ 06:57 GMT Feb 28
  • SUP 1: 161.68 20-day EMA
  • SUP 2: 160.49 50-day EMA
  • SUP 3: 158.92 Low Feb 7
  • SUP 4: 158.08 Low Feb 1 and key support

EURJPY maintains a firmer tone and last week’s extension higher, together with Monday’s climb, reinforces current conditions. Attention is on 163.72, the Nov 27 high (tested) ahead of key resistance at 164.30, the Nov 16 high. Key short-term support is unchanged at 158.08, Feb 1 low. A clear break of this level would highlight a reversal. Initial support to watch lies at 161.68, the 20-day EMA.

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