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EURJPY TECHS: Key Resistance Remains Intact

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: 163.49 High Sep 27  
  • PRICE: 161.65 @ 06:58 BST Oct 3
  • 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

EURJPY bounced sharply Wednesday resulting in a print above the 50-day EMA of 161.42. Key short-term resistance has been defined at 163.49, the Sep 27 high, and 163.89, the Aug 15 high. A clear break of both price points would highlight a potential reversal. For now, trend signals remain bearish and are considered corrective. A resumption of bearish price action 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: 163.49 High Sep 27  
  • PRICE: 161.65 @ 06:58 BST Oct 3
  • 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

EURJPY bounced sharply Wednesday resulting in a print above the 50-day EMA of 161.42. Key short-term resistance has been defined at 163.49, the Sep 27 high, and 163.89, the Aug 15 high. A clear break of both price points would highlight a potential reversal. For now, trend signals remain bearish and are considered corrective. A resumption of bearish price action would open 155.15, the Sep 16 low, and 154.42, the Aug 5 low and a bear trigger.