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EURJPY TECHS: Bears Remain In The Driver’s Seat 

EURJPY TECHS
  • RES 4: 162.89 High Sep 2 and a key resistance   
  • RES 3: 160.89 High Sep 4    
  • RES 2: 160.54 20-day EMA   
  • RES 1: 158.64 High Sep 10  
  • PRICE: 156.87 @ 21:00 BST Sep 11
  • SUP 1: 155.46 Low Sep 11 
  • SUP 2: 154.42 Low Aug 5 and the bear trigger
  • SUP 3: 154.00 Round number support 
  • SUP 4: 153.87 Low Dec 14 ‘23

EURJPY traded lower initially today as the bear cycle that started mid-August extends. All key retracement points of the rally between Aug 5 - 15, have been cleared and this exposes the key support and bear trigger at 154.42, the Aug 5 low. A break of this level would strengthen bearish conditions. On the upside, initial firm resistance is seen at 160.54, the 20-day EMA. Short-term gains would be considered corrective.

Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets

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