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Correcting Lower

EURJPY TECHS
  • RES 4: 125.79 76.4% retracement of the Sep - Oct Sell-Off
  • RES 3: 125.13 High Nov 9 and the bull trigger
  • RES 2: 124.68 High Nov 11
  • RES 1: 124.44 High Nov 16
  • PRICE: 123.47 @ 06:10 GMT Nov 18
  • SUP 1: 123.36 Intraday low
  • SUP 2: 122.69 Low Nov 9 and key near-term support
  • SUP 3: 122.45 76.4% retracement of the Oct 30 - Nov 9 rally
  • SUP 4: 122.21 Low Nov 5

EURJPY is in a corrective mode. The cross traded sharply higher on Nov 9 and maintains a near-term bullish structure. Price has also convincingly cleared resistance highlighted by the 20- and 50-day EMA levels. Furthermore, the bear channel resistance drawn off the Sep 1 high has also been cleared. This has opened 125.79, a Fibonacci retracement. Firm support is seen at 122.69, Sep 11 low. The bull trigger is 125.13.

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