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EURJPY TECHS: Monitoring Resistance

EURJPY TECHS
Foreign Exchange Technical AnalysisAPACJapanCEEMEABulletGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 167.53 Low Jun 14  
  • RES 3: 165.17 50-day EMA   
  • RES 2: 164.08 200 DMA      
  • RES 1: 163.89 High Aug 15
  • PRICE: 160.69 @ 16:34 BST Aug 28
  • SUP 1: 159.79 Low Aug 12   
  • SUP 2: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 3: 153.87 Low Dec 14 ‘23
  • SUP 4: 153.23 Low Dec 7 ‘23 and a key support

EURJPY is in consolidation mode and is trading closer to its recent highs. The outlook is bearish, and recent gains appear to have been a correction. The latest move higher has allowed a recent oversold condition to unwind. The cross has pierced resistance at 162.62, the 20-day EMA. A clear break of it would expose the 50-day EMA, at 165.17. For bears, a stronger reversal lower would signal the end of the correction and open 154.42, the Aug 5 low.  

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  • RES 4: 167.53 Low Jun 14  
  • RES 3: 165.17 50-day EMA   
  • RES 2: 164.08 200 DMA      
  • RES 1: 163.89 High Aug 15
  • PRICE: 160.69 @ 16:34 BST Aug 28
  • SUP 1: 159.79 Low Aug 12   
  • SUP 2: 157.30/154.42 Low Aug 6 / 5 and the bear trigger
  • SUP 3: 153.87 Low Dec 14 ‘23
  • SUP 4: 153.23 Low Dec 7 ‘23 and a key support

EURJPY is in consolidation mode and is trading closer to its recent highs. The outlook is bearish, and recent gains appear to have been a correction. The latest move higher has allowed a recent oversold condition to unwind. The cross has pierced resistance at 162.62, the 20-day EMA. A clear break of it would expose the 50-day EMA, at 165.17. For bears, a stronger reversal lower would signal the end of the correction and open 154.42, the Aug 5 low.