February 12, 2025 20:00 GMT
EURJPY TECHS: Corrective Gains Run Further
EURJPY TECHS
- RES 4: 162.70 High Jan 28
- RES 3: 162.49 High Jan 29
- RES 2: 161.09 50-day EMA
- RES 1: 160.38 High Feb 12
- PRICE: 160.07 @ 16:11 GMT Feb 12
- SUP 1: 157.90/155.61 Intraday low / Low Feb 10 and the bear trigger
- SUP 2: 155.15 Low Sep 16 ‘24
- SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY is sharply firmer Wednesday as the cross extends the rebound from Monday’s low. MA studies are in a bear-mode position and this suggests that the latest recovery is likely a correction - however today’s rally shows the correction has legs. Initial resistance at 159.93 has given way, shifting focus to key resistance at 161.09, the 50-day EMA, where a break would highlight a stronger reversal. The bear trigger lies at 155.61, the Feb 10 low.
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