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Confirms Recent Strength as Corrective

EURJPY TECHS
  • RES 4: 144.53 76.4% retracement of the Dec 15 - Jan 3 bear leg
  • RES 3: 144.00 Round number resistance
  • RES 2: 143.16 61.8% retracement of the Dec 15 - Jan 3 bear leg
  • RES 1: 142.86/94 High Jan 11 / High Dec 28 and key resistance
  • PRICE: 140.43 @ 17:22 GMT Jan 12
  • SUP 1: 140.08/139.97 Low Jan 12 / 5
  • SUP 2: 139.34 1.0% 10-dma envelope
  • SUP 3: 137.39 Low Jan 3 and the bear trigger
  • SUP 4: 137.03 Low Aug 29

EURJPY traded sharply lower again Thursday after the cross found resistance just above the 50-day EMA, at 142.56. This leaves key resistance at 142.94, the Dec 28 high, intact for now and confirms the recent recovery as corrective. A stronger reversal lower would refocus attention on 137.39, the Jan 3 low, where a break would resume the 2-month downtrend and open 137.03, the Aug 29 low. For bulls, clearance of 142.94 would signal a reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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