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EURJPY TECHS: Gains Considered Corrective

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 163.89 High Aug a5 and a reversal trigger   
  • RES 3: 162.89 High Sep 2 and a key resistance   
  • RES 2: 161.85 50-day EMA 
  • RES 1: 161.19 High Sep 23   
  • PRICE: 159.43 @ 20:14 BST Sep 23
  • 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 and the latest recovery is considered corrective - for now. Moving average studies are in a bear-mode position and this continues to highlight a dominant downtrend. Initial firm resistance at 159.21, the 20-day EMA, has been breached and this signals scope for a stronger recovery, towards 161.85, the 50-day EMA. A reversal lower would refocus attention on the key support at 154.42, the Aug 5 low.

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  • RES 4: 163.89 High Aug a5 and a reversal trigger   
  • RES 3: 162.89 High Sep 2 and a key resistance   
  • RES 2: 161.85 50-day EMA 
  • RES 1: 161.19 High Sep 23   
  • PRICE: 159.43 @ 20:14 BST Sep 23
  • 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 and the latest recovery is considered corrective - for now. Moving average studies are in a bear-mode position and this continues to highlight a dominant downtrend. Initial firm resistance at 159.21, the 20-day EMA, has been breached and this signals scope for a stronger recovery, towards 161.85, the 50-day EMA. A reversal lower would refocus attention on the key support at 154.42, the Aug 5 low.