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EURJPY TECHS: Maintains A Softer Tone

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: 160.71/162.86 High Nov 27 / 20-day EMA  
  • PRICE: 159.85 @ 07:00 GMT Nov 28
  • SUP 1: 159.10 Low Nov 27
  • SUP 2: 158.71 Low Oct 2  
  • SUP 3: 157.87 76.4% retracement of the Sep 16 - Oct 31 bull cycle
  • SUP 4: 157.05 Low Sep 18  

EURJPY remains soft and the cross traded lower Wednesday. The latest move down suggests scope for a deeper retracement. Potential is seen for an extension towards 157.87, 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. Initial firm resistance to watch is 162.86, the 20-day EMA.

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  • 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: 160.71/162.86 High Nov 27 / 20-day EMA  
  • PRICE: 159.85 @ 07:00 GMT Nov 28
  • SUP 1: 159.10 Low Nov 27
  • SUP 2: 158.71 Low Oct 2  
  • SUP 3: 157.87 76.4% retracement of the Sep 16 - Oct 31 bull cycle
  • SUP 4: 157.05 Low Sep 18  

EURJPY remains soft and the cross traded lower Wednesday. The latest move down suggests scope for a deeper retracement. Potential is seen for an extension towards 157.87, 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. Initial firm resistance to watch is 162.86, the 20-day EMA.