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Corrective Cycle Remains In Play

EURJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 166.69 50-day EMA
  • RES 3: 163.74 20-day EMA
  • RES 2: 162.89 High Aug 1
  • RES 1: 161.95 High Aug 12
  • PRICE: 161.56 @ 07:07 BST Aug 14
  • SUP 1: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 2: 153.87 Low Dec 14 ‘23
  • SUP 3: 153.23 Low Dec 7 ‘23 and a key support
  • SUP 4: 151.42 Low Jul 28 ‘23

The trend outlook in EURJPY is bearish and the recent impulsive sell-off reinforced this theme. The move down signals scope for an extension towards the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross is oversold. A continuation of the latest recovery - a correction - would allow this set-up to unwind. Initial firm resistance is 163.74, the 20-day EMA.

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  • RES 4: 166.69 50-day EMA
  • RES 3: 163.74 20-day EMA
  • RES 2: 162.89 High Aug 1
  • RES 1: 161.95 High Aug 12
  • PRICE: 161.56 @ 07:07 BST Aug 14
  • SUP 1: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 2: 153.87 Low Dec 14 ‘23
  • SUP 3: 153.23 Low Dec 7 ‘23 and a key support
  • SUP 4: 151.42 Low Jul 28 ‘23

The trend outlook in EURJPY is bearish and the recent impulsive sell-off reinforced this theme. The move down signals scope for an extension towards the next key support at 153.23, the Dec 7 ‘23 low. A break of this price point would strengthen a bearish theme. Note that the cross is oversold. A continuation of the latest recovery - a correction - would allow this set-up to unwind. Initial firm resistance is 163.74, the 20-day EMA.