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Counters Bearish Trend

EURJPY TECHS
  • RES 4: 126.46 High Sep 10
  • RES 3: 125.79 76.4% September - October Sell-Off
  • RES 2: 125.13 High Nov 9
  • RES 1: 125.09 2.0% 10-dma envelope
  • PRICE: 124.55 @ 17:19 GMT Nov 9
  • SUP 1: 122.21 Low Nov 5
  • SUP 2: 121.62 Low Oct 30
  • SUP 3: 121.50 0.764 proj of Sep 1 - 28 decline from Oct 9 high
  • SUP 4: 120.44 Bear channel base drawn off the Sep 1 high

EURJPY added to recent gains alongside the broad risk-on rally Monday. This solidly counters the underlying bearish theme, with markets convincingly breaking above a strong band of resistance between 123.08/56, the 20- and 50-day EMA's. The rally extended to top the bear channel top at 124.17, switching the outlook to positive. This exposes Fib resistance at 125.79 ahead of the early September highs of 126.46.

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