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Consolidation Mode

  • RES 4: 132.04 76.4% retracement of the Oct 20 - Dec 3 downleg
  • RES 3: 131.60 High Jan 5 and the bull trigger
  • RES 2: 131.18 High Jan 18
  • RES 1: 129.52/69 20- and 50-day EMA values
  • PRICE: 129.10 @ 16:32 GMT Jan 31
  • SUP 1: 128.25 Low Jan 25
  • SUP 2: 128.05 Low Dec 21
  • SUP 3: 127.39 Low Dec 6 and a major support
  • SUP 4: 127.04 Low Feb 15, 2021

EURJPY is consolidating. The cross remains vulnerable though following the recent move lower and the break of its 50-day EMA. Price has also probed 128.38, a Fibonacci retracement. A clear break of this level would expose 127.39, the Dec 6 low and a key near-term support. Key short-term resistance has been defined at 131.60, Jan 5 high. Initial resistance is at 129.52/69, the 20- and 50-day EMAs.

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