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EURJPY TECHS: Gains Considered Corrective

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 162.89 High Sep 2 and a key resistance   
  • RES 3: 160.89 High Sep 4    
  • RES 2: 159.23 20-day EMA   
  • RES 1: 158.64 High Sep 10  
  • PRICE: 158.13 @ 20:38 BST Sep 17
  • SUP 1: 155.15 Low Monday 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 recovery from Monday’s low. 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. Clearance of this level would strengthen bearish conditions and resume the downtrend. Initial firm resistance is seen at 159.23, the 20-day EMA. Short-term gains are considered corrective.

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  • RES 4: 162.89 High Sep 2 and a key resistance   
  • RES 3: 160.89 High Sep 4    
  • RES 2: 159.23 20-day EMA   
  • RES 1: 158.64 High Sep 10  
  • PRICE: 158.13 @ 20:38 BST Sep 17
  • SUP 1: 155.15 Low Monday 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 recovery from Monday’s low. 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. Clearance of this level would strengthen bearish conditions and resume the downtrend. Initial firm resistance is seen at 159.23, the 20-day EMA. Short-term gains are considered corrective.