MNI China Daily Summary: Friday, December 27

MNI BRIEF: BOJ: Rate Hike Chance Nearing; Mull Patiently

MNI: PBOC Net Injects CNY6.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1893 Fri; -2.12% Y/Y

MNI JAPAN NOV FACTORY OUTPUT DROPS 2.3% M/M; OCT +2.8%

MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

US EIA:NAT GAS STORAGE -93 BCF TO 3,529 BCF DEC 27 WK

MNI: US JOBLESS CLAIMS -1K TO 219K IN DEC 21 WK

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EURJPY TECHS: Corrective Cycle Remains Intact

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: 163.35 50-day EMA  
  • PRICE: 161.65 @ 16:49 GMT Nov 25
  • 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 traded to a fresh cycle low last week. The break 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 bearish corrective cycle that started on Oct 31.     

156 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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: 163.35 50-day EMA  
  • PRICE: 161.65 @ 16:49 GMT Nov 25
  • 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 traded to a fresh cycle low last week. The break 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 bearish corrective cycle that started on Oct 31.