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EURJPY TECHS: Bearish Tone

EURJPY TECHS
Foreign Exchange Technical AnalysisCEEMEAForeign Exchange BulletsBulletAPACJapanMarkets
  • RES 4: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg    
  • RES 3: 165.04/166.69 High Nov 15 / High Oct 31 and the bull trigger
  • RES 2: 164.76 High Nov 20 and a key short-term resistance 
  • RES 1: 163.29 50-day EMA  
  • PRICE: 160.91 @ 16:46 GMT Nov 26
  • SUP 1: 159.93 Low Nov 22    
  • SUP 2: 159.56 61.8% retracement of the Sep 16 - Oct 31 bull cycle
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.87 76.4% retracement of the Sep 16 - Oct 31 bull cycle

EURJPY remains soft. The break lower last week cancels a recent short-term bullish reversal signal and suggests scope for a deeper retracement. Sights are on 159.56, a Fibonacci retracement. Key short-term resistance has been defined at 164.76, the Nov 20 high. Clearance of this hurdle would highlight a possible reversal once again and signal the end of the current bearish corrective cycle.     

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  • RES 4: 167.40 61.8% retracement of the Nov 11 - Aug 5 bear leg    
  • RES 3: 165.04/166.69 High Nov 15 / High Oct 31 and the bull trigger
  • RES 2: 164.76 High Nov 20 and a key short-term resistance 
  • RES 1: 163.29 50-day EMA  
  • PRICE: 160.91 @ 16:46 GMT Nov 26
  • SUP 1: 159.93 Low Nov 22    
  • SUP 2: 159.56 61.8% retracement of the Sep 16 - Oct 31 bull cycle
  • SUP 3: 158.11 Low Sep 30 
  • SUP 4: 157.87 76.4% retracement of the Sep 16 - Oct 31 bull cycle

EURJPY remains soft. The break lower last week cancels a recent short-term bullish reversal signal and suggests scope for a deeper retracement. Sights are on 159.56, a Fibonacci retracement. Key short-term resistance has been defined at 164.76, the Nov 20 high. Clearance of this hurdle would highlight a possible reversal once again and signal the end of the current bearish corrective cycle.