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EURJPY TECHS: Key Resistance Remains Intact For Now

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: 163.57 High Oct 7
  • PRICE: 162.55 @ 16:29 BST Oct 7
  • SUP 1: 160.33 20-day EMA   
  • SUP 2: 158.11/155.15 Low Sep 30 / Low Sep 16
  • SUP 3: 154.42 Low Aug 5 and the bear trigger
  • SUP 4: 153.87 Low Dec 14 ‘23

EURJPY traded higher this week, resulting in a break above the 50-day EMA of 161.52. Key short-term resistance is unchanged at 163.49, the Sep 27 high (pierced), 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 gains are still considered corrective. A resumption of bearish price action would open 154.42, Aug 5 low and the 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: 163.57 High Oct 7
  • PRICE: 162.55 @ 16:29 BST Oct 7
  • SUP 1: 160.33 20-day EMA   
  • SUP 2: 158.11/155.15 Low Sep 30 / Low Sep 16
  • SUP 3: 154.42 Low Aug 5 and the bear trigger
  • SUP 4: 153.87 Low Dec 14 ‘23

EURJPY traded higher this week, resulting in a break above the 50-day EMA of 161.52. Key short-term resistance is unchanged at 163.49, the Sep 27 high (pierced), 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 gains are still considered corrective. A resumption of bearish price action would open 154.42, Aug 5 low and the bear trigger.