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EURJPY TECHS: Bounce Toward Resistance

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 166.53 High Jul 31   
  • RES 3: 165.00 Round number resistance  
  • RES 2: 163.89 High Aug 15 and a reversal trigger   
  • RES 1: 161.41/163.49 50-day EMA / High Sep 27  
  • PRICE: 161.31 @ 16:22 BST Oct 2
  • SUP 1: 158.11/155.15 Low Sep 30 / Low Sep 16  
  • 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

Prices bounced sharply Wednesday, narrowing in on first resistance at the 50-day EMA of 161.41. Key short-term resistance has been defined at 163.49, the Sep 27 high, and 163.89, the Aug 15 high. Nonetheless, the overarching bear cycle in EURJPY remains intact and last Friday’s strong sell-off reinforces this theme. It also highlights the end of the recent corrective cycle. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A continuation lower would open 155.15, the Sep 16 low, and 154.42, the Aug 5 low and a bear trigger. 

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  • RES 4: 166.53 High Jul 31   
  • RES 3: 165.00 Round number resistance  
  • RES 2: 163.89 High Aug 15 and a reversal trigger   
  • RES 1: 161.41/163.49 50-day EMA / High Sep 27  
  • PRICE: 161.31 @ 16:22 BST Oct 2
  • SUP 1: 158.11/155.15 Low Sep 30 / Low Sep 16  
  • 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

Prices bounced sharply Wednesday, narrowing in on first resistance at the 50-day EMA of 161.41. Key short-term resistance has been defined at 163.49, the Sep 27 high, and 163.89, the Aug 15 high. Nonetheless, the overarching bear cycle in EURJPY remains intact and last Friday’s strong sell-off reinforces this theme. It also highlights the end of the recent corrective cycle. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A continuation lower would open 155.15, the Sep 16 low, and 154.42, the Aug 5 low and a bear trigger.