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EURJPY TECHS: Corrective Bounce Extends

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 162.89 High Sep 2 and a key resistance   
  • RES 3: 161.91 50-day EMA   
  • RES 2: 160.89 High Sep 4  
  • RES 1: 159.97 High Sep 19  
  • PRICE: 158.79 @ 06:57 BST Sep 20
  • SUP 1: 157.05/155.15 Low Sep 18 / 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

A bear cycle in EURJPY remains intact despite the latest bounce. MA studies are in a bear-mode position and this continues to highlight a dominant downtrend. It suggests that gains are likely corrective. However, initial firm resistance at 159.07, the 20-day EMA, has been breached and this signals scope for a stronger recovery, towards 160.89, the Sep 4 high. A reversal lower would refocus attention on the key support at 154.42, the Aug 5 low.

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  • RES 4: 162.89 High Sep 2 and a key resistance   
  • RES 3: 161.91 50-day EMA   
  • RES 2: 160.89 High Sep 4  
  • RES 1: 159.97 High Sep 19  
  • PRICE: 158.79 @ 06:57 BST Sep 20
  • SUP 1: 157.05/155.15 Low Sep 18 / 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

A bear cycle in EURJPY remains intact despite the latest bounce. MA studies are in a bear-mode position and this continues to highlight a dominant downtrend. It suggests that gains are likely corrective. However, initial firm resistance at 159.07, the 20-day EMA, has been breached and this signals scope for a stronger recovery, towards 160.89, the Sep 4 high. A reversal lower would refocus attention on the key support at 154.42, the Aug 5 low.